Bellew Group, the independent electrical wholesaler, has agreed its third acquisition in the past 12 months with a deal to buy Wexford-based EEW.

The group, which is backed by private equity firm Waterland Ireland, now employs more than 220 people across 27 branches and its 80,000 square foot warehouse with the deal, and combined annual revenues exceed. €100 million.

Headquartered in Enniscorthy, EEW employs 60 people across 11 branches and is counted as one of the country's largest electrical wholesalers.

“This is a landmark moment for Bellew Electrical,” said Ollie Bellew, chief executive of Bellew Group. 

“EEW is very well-run by [founder Tom Byrne] and his team, and the business is very well-respected in the industry, EEW have strong local roots and a loyal customer base.

"We’re excited to welcome the EEW team to the Bellew Group and continue building a nationwide network with the scale and service to match our customers’ needs.”

The acquisition follows recent deals by Louth-based Bellew to take over Wesco Electrical and Northern Ireland's Cable and Accessories as the group seeks to expand and invest in the electrical wholesale trade after securing investment from Waterland last year.

“We’re delighted to support Bellew Electrical as it continues to scale through smart, strategic acquisitions,” said Laura Dillon, partner at Waterland Ireland. “EEW is a strong cultural and commercial fit, and this deal reflects the momentum Bellew is building as a market leader in the sector.”

The latest accounts for EEW Ltd retained profits of €28.7m after the company made an annual profit of €3.2m in the 12 months to June 2024, up from €2.9m the year prior. Turnover increased slightly year-on-year to €21.7m.

Commenting on the acquisition, EEW founder Byrne said: “EEW takes pride in its personal service, deep customer relationships, and local knowledge. 

“Joining the Bellew Group is the right next step for the future of our business. I’m proud of what we’ve built and excited to see it grow even further with Ollie and the Bellew Group.”

EEW shareholders were advised by Davy Corporate Finance.

Bellew Electrical Wholesale Ltd saw revenues increased from €32.4m to €35.1m last year as profits slipped from €4.3m to just under €4m. As of last July, the company had retained earnings of €16.1m.

Photo: (l-r) Ollie Bellew and Tom Byrne. (Pic: Supplied)