Six managers at interior contracting company Ardmac have bought out the business from the owners, the McAnallen family. Consideration for the deal was not disclosed.

Ardmac was established in 1977 and currently employs 280 people. The company specialises in the construction of high quality working environments for global brands, focussing on the commercial, biopharmaceutical, medical device, datacentre, micro-electronics, retail, educational, healthcare and aviation sectors. Group turnover in 2014 was €82m, according to the company.

The management team executing the buyout are Ronan Quinn, Roy Millar, Alan Coakley, Colm Casey, Donal Gargan and Cormac Smyth.

Ronan Quinn (pictured) said: “This is an exciting time for Ardmac and the management team is absolutely committed to driving the business forward, to take advantage of market opportunities, while at the same time, looking at ways to enhance our service and offer to our valued clients.

In Association with

The MBO is being funded by Ulster Bank. The management team was advised on the transaction by Capnua Corporate Finance and legal advisors William Fry. The McAnallen family was advised on the transaction by legal advisors LK Shields.

Ardmac, which started out in Dungannon, is active in Ireland, the UK and Belgium. With customers that include Pfizer, Eli Lilly, Johnson & Johnson, GSK, Vodafone, Next, Savills, Aviva and Merrill Lynch, the business is very profitable.

One of the group companies. Ardmac Ltd, had turnover of €24.8m in 2013 and booked an operating profit of €2.4m. Net funds increased through the year from E4m to €9.7m.

Ardmac’s principal shareholder was Kevin McAnallen, who resides in Cyprus, with a 40% stake. Sean McAnallen in Dundalk owned 32% of the equity and Brendan McAnallen in Dungannon owned 28%. James Dully in Killiney had a small shareholding.