Senior management led by CEO Gary Duffy have completed a buyout of Excelsys Technologies Ltd, in a move backed by BlueBay Ireland Corporate Credit I Limited.
The management buyout saw the majority ownership of the Excelsys being acquired from founding non-executive shareholders by management of the business.
Gary Duffy will remain at the helm, as will his senior management team. John Tracey, the recently appointed chairman, will also remain. As part of the transaction, BlueBay Ireland acquired a minority stake in Excelsys.
Excelsys is an Irish-owned company that designs and manufactures electronic power supplies, which are used in a number of specialist markets, including medical, industrial, military and communication sectors.
The company is headquartered in Cork and operates sales offices in USA and China, as well as a network of distributors in over 30 countries worldwide.
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Duffy (pictured), who was a finalist in the EY Entrepreneur of the Year competition in 2012, said that Excelsys has been growing at 15-20% per annum since relocating to Cork in 2006.
“The BlueBay Ireland transaction has enabled the existing management to significantly increase its ownership of the business, while providing a strong growth capital structure,” he added.
BlueBay Ireland is a vehicle managed by BlueBay Asset Management LLP, with substantial investment from the Ireland Strategic Investment Fund to provide loans to larger SMEs and mid-sized corporates in Ireland.
The Excelsys MBO is the 13th transaction completed by BlueBay Ireland since its launch in July 2013, representing over €190m of committed loans in aggregate.
Said BlueBay’s Ross Morrow: “Excelsys represented an ideal opportunity to support an internationally regarded indigenous Irish company and a highly experienced management team seeking to continue the growth of their business.”
EY Corporate Finance, Deloitte Tax and Ronan Daly Jermyn Solicitors advised Excelsys on the transaction.
McCann Fitzgerald acted as legal advisers to BlueBay Ireland, while PwC completed financial and commercial due diligence on behalf of the asset manager.
