NEWS
SONAS Bathrooms’ management has acquired a majority stake in the Dublin- based company in a buyout led by Managing Director Richard Sloan. SONAS is the largest single supplier of bathroom products in Ireland, which has developed a model of asset-light manufacturing of bathroom products distributed under its own brand. The company, which employs almost 90 full- time staff, has maintained a strong growth trajectory with current year trading on target to reach €45m sales. Commenting on the management buyout (MBO) completed with Darren Tierney, Finance Director and Ger Fahy, Commercial Director Richard said, “This deal reflects management’s ambition and the belief we have in the SONAS brand. We’re delighted to receive the backing and support of Muzinich & Co, led by Howard Mahon. Since joining the business back in 2003, I have witnessed so much growth and development within SONAS, which can be attributed to the efforts of my colleagues both past and present who have made the company what it is today. Working with MML Growth Capital Partners since 2017 has been a positive experience for SONAS management as their investment approach MANAGEMENT BUYOUTSIGNALS NEWPHASEOF GROWTHFORSONAS
Richard Sloan, Managing Director together with Darren Tierney, Finance Director and Ger Fahy, Commercial Director complete management buyout of SONAS Bathrooms.
fully supported our brand development and growth strategy.” The original business was initially incorporated in 1978 by John, the late father of Dermot Usher, who said, “This deal is a significant milestone in the company’s history, and I feel extremely proud to see the management team take the business forward to the next phase in its journey. I am delighted to be taking a non-executive role on the board but formally end my tenure as CEO of the company. I wish the leadership team and each of my colleagues in SONAS continued success into the future.” MML Ireland will substantially realise its position but is facilitating the MBO by rolling over a minority of its value in the business. The MBO is supported by Muzinich & Co,
who provided a combination of debt and equity. In addition to funding the MBO, Muzinich has also provided a significant line of growth capital that can be used for both organic and acquisition-led growth. Howard Mahon, Director, Pan-European Private Debt with Muzinich said, “SONAS is a market-leading brand providing high quality products and excellent customer service. We have been impressed by the high calibre of the senior management team of Richard, Darren and Ger, who together deliver operational and logistical excellence, resulting in a top rate customer experience. We look forward to working with the management team and the wider business as they enter an exciting new phase of growth.” Visit: www.sonasbathrooms.com
When William Beggs opened the doors of his first Belfast store in 1960, he could never have imagined the changes Beggs & Partners have seen in the intervening years. It’s pretty certain though, that he would be happy with the success of his company’s onward journey. Now with 12 branches and four divisions, Beggs & Partners still hold his original ethos central to all that they do: taking pride in their status as a stock holding merchant; being known for supplying quality products and providing excellent service and great value to their customer base throughout the UK and Ireland. The birthday message from Beggs & Partners is, “We are grateful to our incredible customer base, our innovative and trusted suppliers and, of course, our amazing team
BEGGS&PARTNERSCELEBRATE 61 YEARS INBUSINESS
of plumbing and heating experts.” Visit: www.beggsandpartners.com
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