Monday 17 June 2019

Michael and Brian Enright

Place: 52 Change: - 3

Michael and Brian Enright

Michael and Brian Enright

Worth 2018 €313 m (3.64%)

Worth 2017 €302 m

  • Industry Transport

Father and son Michael and Brian Enright turned Walsh Western, a small West of Ireland trucking firm into global corporate logistics giant Syncreon, whose customers include many household names. If you've ever ordered something from the Apple store online, you might see 'Syncreon' on a parcel label.

Private equity firms Centerbridge and GenX360 now own the majority of the company, which has a turnover of about $1bn, while refinancing deals led to over €395m in dividends being paid out in recent years.

An €850m deal to sell the company didn't work out in 2013 and over the past few years debt rating agency Moody's has become increasingly wary over its €650m of debt and an €85m revolving credit line.

Brian is now based in Michigan in the US, while Cork-based Michael is on the board of green energy firm AirSynergy, which he has backed. There are also property interests in hotels near the M50 and other property in Limerick. One family investment firm has €18m of debt. Michael has also emerged as a backer of several start-ups including celebrity social network Starverse and ex-Irish rugby captain Ciaran Fitzgerald's online marketing and ad firm Bionic.

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