The management team at building service engineers Thermodial has acquired a majority stake in the 29-year-old company in a management buyout worth €1.25m, with the goal of increasing turnover by 40% between now and 2020.

The MBO sees Turlough Kinane become managing director while fellow-managers Alan Keegan will become operations director and Mark Carrick will take on the title of projects director. The trio acquired 55% of the company for €1.25m, financed by an Ulster Bank loan.

Co-founder Willie Kearney will retain a 45% stake and will remain in an executive capacity as sales director and chairman of the board. Another co-founder, Tom Morrissey, was listed as a shareholder in company documents filed last summer, but is not mentioned in the new arrangement and is no longer listed on Thermodial’s website.

The new team’s growth plans will see employee numbers grow by 20 people over the period, bringing the company’s complement to 60. Thermodial includes the OPW, St Vincent’s Private Hospital, Eir, Easons, Kildare County Council and Dublin City Council among its clients.

Kearney said: “Thermodial has a strong track record through the thick and thin of Irish economic cycles. This MBO blends the deep experience of our founders with the drive of the new directors, each of whom are proven in the company.”

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The company provides engineering services and maintenance for heating, ventilation, air conditioning, water services and electrical systems.

And new MD Kinane said: “With the strengthening economic climate, we have ambitious targets to acquire additional customers where we already have considerable expertise, including retail chains, the public sector and the hospitals sector. We will also be targeting growth areas in the economy including the hospitality sector, data centres and private health facilities.”

The MBO team was advised by Byrne Wallace, solicitors.

Photo: Willie Kearney (left) and Turlough Kinane. (Pic: Nick Bradshaw)