The Sunday Business Post is to change hands once again, with businessman Enda O’Coineen acquiring the business from Key Capital, a private equity firm.

O’Coineen is chairman of Kilcullen Kapital Partners, which will own the title. The new owner said that he “welcomes the opportunity to build on the Sunday Business Post’s growing market share in print, digital journalism and events”, and that in his view the newspaper is at the early stage of its potential.

“We have a brilliant publication under the leadership of CEO Siobhán Lennon, who has the best independent team of journalists in Ireland and a very strong commercial team,” he added.

O’Coineen recently completed a solo circumnavigation of the world in the Vendée Globe sailing race on his 60-foot yacht Kilcullen Voyager.

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Conor Killeen of Key Capital commented: “The Sunday Business Post is an important part of society in Ireland and will continue to be valued for its excellence and independence, under the leadership of Enda O’Coineen and Kilcullen Kapital Partners. The new owners demonstrate a sound understanding of the sector and the opportunity for the brand. We are genuinely delighted that they won a thorough, competitive process."

The paper’s editor, Ian Kehoe, had previously announced his resignation to pursue other opportunities, and will be leaving this month. He will be replaced by Tom Lyons with the title of executive editor.

The Post had a combined average Sunday sale of 31,340 for its print and e-reader editions in the first half of 2018, according to the Audit Bureau of Circulations (ABC). There was a 3.9% decline in the Sunday quality market in the period, and an industry average decline of just under 8% year-on-year.

The newspaper operates a paywall on its website and paid-for e-reader sales now amount to 2,630.

BDO handled the sale process for Key Capital with Dillon Eustace supplying the legal counsel. The law firm also advised Key Capital on its acquisition of the paper from examinership in 2013.