Private equity investor Erisbeg has agreed terms to acquire IT recruitment agency Eolas Recruitment from founders Vincent Flynn and Mary Flynn.
Eolas, which commenced trading in 2000, has a strong market niche, with the company booking a net profit of €600,000 in the year to March 2021.
Remuneration for the two director in FY21 was €660,000, down from €1,330,000 the previous year.
Erisbeg is led by Alan Kerr and Thomas Davy and invests in Irish SMEs. It targets companies with Ebitda in excess of €1m and since launch in 2017 Erisbeg has completed 11 transactions, including Dixon International Transport, Medray, Chris Mee Group and BP Multipage.
The majority shareholders in Eolas Recruitment are Vincent Flynn (54) and Mary Flynn, with Peter Kirby and Stephen Daly owning smaller stakes.
In Association with
The Bray agency had 12 people on the payroll in FY21. Year-end net worth was €4.1m, including €1.9m cash.
Vincent Flynn commented: “My wife Mary and I started Eolas Recruitment in 1999 with a vision to create Ireland’s leading specialist IT recruitment firm, and we are very proud of what we have achieved in that time, with the support of our talented and hard-working employees, our wonderful clients, all of the specialist IT consultants, and the goodwill of the entire business community who have supported our journey over the past 23 years.
"We feel that Erisbeg is the right partner for Eolas Recruitment at the right time, and I am delighted that the business is in safe hands now for the next stage of its growth and development.”
Thomas Davy stated: “Eolas Recruitment is a terrific and highly respected firm, which has wonderful employees, a highly talented roster of consultants available to it and an unrivalled blue chip client base. We are looking forward to supporting the management team and their growth strategy for the business.
"We welcome Jim Ryan, Stephen Daly, and Peter Kirby to the Eolas board of directors, and we look forward to working closely with them as we build on the strong foundations put in place by Vincent and Mary Flynn.”
The Erisbeg/Eolas deal is subject to Competition and Consumer Protection Commission approval.
Photo: Erisbeg principals Alan Kerr (left) and Thomas Davy
