Signage firm Rennicks bought by management from Fitzwilton
Signage company Rennicks Group has been bought from investment company Fitzwilton by management.
The deal has been led by Rennicks chief executive Michael Flanagan and finance director Dolores Nevin, with backing from Irish private equity firm Renatus Capital Partners. The value of the deal was not disclosed.
Fitzwilton has a long association with the O'Reilly family, having been established in the 1970s by Tony O'Reilly Sr and others.
Both he and his son, Providence Resources boss Tony O'Reilly Jr, have resigned as Fitzwilton directors in the last number of years.
Rennicks had sold off the road signage part of the business earlier this year.
The remainder of the business is focused on registration plate components in the UK, Ireland and South Africa. "This is an exciting deal whereby I have 34 years of working in the company as an executive and now have the opportunity, with the backing and support of Renatus and my management team, to own the company, help continue its growth and maximise the significant potential of this business," said Flanagan.
Fitzwilton said it had owned the Rennicks group for nearly 30 years and that now was "an appropriate time to sell the businesses to the management team".
"The Rennicks Group has been very profitable and cash-generative under the ownership of Fitzwilton.
"The board of Fitzwilton wish the management team and Renatus all the best in developing and growing the businesses," it said.
Debt financing for the deal was provided by Bank of Ireland.
Sunday Indo Business