𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭!!!
Big news today from IT.ie!
We’re absolutely thrilled to announce that IT.ie has acquired Abacus Systems & Networks Ltd. a leading MSP supporting Irish businesses since 1992.
This marks a major step forward for us—but more importantly, it means even more value and support for our amazing clients. With Abacus on board, we’re growing our team, expanding our expertise, and increasing the range of services we offer, all while staying true to what matters most:
🔹 Putting people first
🔹 Delivering exceptional service
🔹 Helping businesses thrive through technology
Together, we’re here to support you better than ever before—and we can’t wait for what’s ahead.
We’d like to extend our sincere thanks to those who supported us throughout this process:
🔹Paul Cantwell of Cantwell Finance Cantwell Finance for his guidance and support
🔹Fiona Hickey of FAH Chartered Accountants for leading the Tax Due Diligence
🔹Rory O’Keeffe and Kevin McCabe BDO Ireland for Financial Due Diligence
🔹Eoghan Murphy, Conor Mac Nally and Joe McVeigh of BHSM LLP for their legal expertise
🔹 Stephen Noonan of Noonan Solicitors and John Murray of Hibernia Corporate Finance, who provided valuable support to the Abacus team
A very special thanks to our own 𝐌𝐚𝐫𝐠𝐚𝐫𝐞𝐭 𝐍𝐨𝐥𝐚𝐧, Head of Finance, and Siobhan Breen for their outstanding work and dedication throughout this journey.
Finally, we’d like to extend a warm welcome to the entire 𝐀𝐛𝐚𝐜𝐮𝐬 𝐭𝐞𝐚𝐦—we’re genuinely looking forward to getting to know each and every one of you. We’re also delighted that the Abacus leadership team— Derek O’Callaghan, Eoghan Johnson, David McDonald and Stephen Mullin, will remain in their current roles.
Webinar presented 26th February 2025 “Expert Strategies to Sell or Exit Your Business”
We jointly hosted the above Webinar with IQ Financial which should be of interest to business owners.
To visit the webinar please click the link below: https://iqf-news.com/c/AQjV0AsQo8KuARiHp_SdAiCs2tQjAXkSggLe-6JBFO2wI-beWw_p7osNZXZvxAe4pDq02-E
We are delighted to have advised Keith Hendrick and the management team on the MBO of Ledburn Cables
Deal Details: Ledburn Cables has been acquired by Keith Hendrick in an MBO-transaction. Deal consideration was not disclosed.
Ledburn Cables is an Irish owned cable distributor based in Dublin. Prior to the deal it was owned by David Blagburn, Caroline Blagburn, Jack Ledwidge and Pauline Ledwidge. It does not report turnover or EBITDA information. Keith Hendrick is the General Manager of Ledburn Cables, having previously spent 10 years at EWL Electric
Advisers:
Ledburn Cables:
None mentioned.
Keith Hendrick:
Corporate Finance: Cantwell Corporate Finance led by Paul Cantwell.
Legal: BHSM led by Joe McVeigh.
Renatus Comment: The MBO of Ledburn Cables is a great example of facilitating the retirement plans of an owner while ensuring the business they have grown remains well-positioned for growth into the future. Succession planning was clearly a focus for Ledburn Cables, with Keith Hendrick having been appointed General Manager of the business back in 2022, with the business having been led by Jack Ledwidge and David Blagburn for c. 20 years. As mentioned in our previous comment, the National Development plan will see significant investment in infrastructure, housing and renewable energy, all of which will require high-quality cabling, Ledburn’s core focus.
Press Release
Date: 14/02/2025
LEDBURN CABLES MANAGEMENT BUYOUT
We are delighted to announce that on Thursday the 13ᵗʰ of February, our General Manager/Director
Keith Hendrick, successfully completed a Management Buy-Out to acquire the shares in Ledburn Cables
Ltd held by David Blagburn, Caroline Blagburn, Jack Ledwidge and Pauline Ledwidge and now holds
100% of the shares of the company.
We see this as an extremely positive move for all concerned and secures the companies future
development.
Ledburn Cables was founded by David Blagburn & Jack Ledwidge in 2005 and has grown into a very well
known and respected business in the Electrical Industry.
We are delighted that David Blagburn will remain in his current role of Purchasing and Finance.
We wish Jack Ledwidge a very long and restful retirement, and we remain very grateful for the
efforts he has put in over 20 years to build such a strong and secure business.
We would also like to take this opportunity to thank our customers and suppliers for their support
over the last 20 years and we hope to build on these strong relationships for the next 20 years.
Kind regards,
Keith Hendrick, David Blagburn, Jack Ledwidge.
OBMG acquired by Salute Mission Critical
Deal Details: OBMG has been acquired by Salute Mission Critical. Deal consideration was not disclosed.
OBMG is an Athlone-based provider of commissioning services for mission-critical facilities such as data centres. It was owned by Michael O’Brien and Gareth McGowan. It does not report turnover or EBITDA information.
Salute Mission Critical is a US-based provider of data centre services. It was founded in 2013 by Lee Kirby and Jason Okroy. The business has over 1,000 employees and serves over 330 client sites.
Advisers:
OBMG:
Legal: BHSM LLP led by Joe McVeigh, Sinéad Mannion and Nadine Cannon.
Corporate Finance: Cantwell Corporate Finance led by Paul Cantwell.
Salute Mission Critical:
Legal: DLA Piper led by Eanna Mellett.
Renatus Comment: Irish service providers to data centres and mission-critical infrastructure operators, continue to be in high demand, with this deal following the recent acquisition of RWL Advanced Solutions by Genuine Cable Group. As mentioned in relation to the PowerPoint Engineering deal above, there were 82 data centres in operation in the country as of June this year, with the majority owned by some of the world’s largest multinationals such as Amazon, Google and Facebook. The service provided by these Irish firms is truly world-leading and it is no accident that some of the world’s largest technology companies entrust many of their critical assets to Irish hands. Source: Salute Mission Critical Press Release
ALS Identify acquires Metal Masters
Deal Details: ALS Identify has acquired Metal Masters. Deal consideration was not disclosed.
ALS Identify specialises in the design and build of custom labelling systems and Auto-ID equipment. The Dublin-based business is led by Pat Phibbs and currently employs 16 people with this deal expected to take this number to 19. The business does not report revenue or EBITDA information.
Metal Masters is a manufacturer of custom-built conveyors and conveyor systems based in Dublin. The business was founded by David Benzies in 1990. The business does not report revenue or EBITDA information
Advisers:
ALS Identify:
Deal Advisory: Prosperous Group led by Tommy Boyle.
Legal: Burns Nowlan Solicitors led by Stephen McGrath.
Metal Masters:
Deal advisory: Cantwell Corporate Finance
Renatus Comment: ALS Identify is viewing this move as an opportunity to generate synergies with a company that it has been working with for almost 20 years. The business has ambitious growth targets and has already purchased a building at Plato Business Park in Mulhuddart to accommodate this growth. The additional workshop space will enable larger and more complex labelling, identification and conveyor systems to be developed and further R&D, according to MD Pat Phibbs. ALS is also planning to recruit additional engineers which will enable it to expand its client base in the pharma and medical devices, food and drink, agri, personal care, and cosmetics sectors. Source: ALS Press Release
Irish Accountancy Awards 2023
We were delighted to win the award for Advisory Team of the Year – SME Finance at the recent Irish Accountancy Awards. The judges said,
“Congratulations to this deserving winner whose entry showcased excellent collaboration with clients and advisors, achieving desired client outcome. Impressive corporate finance expertise and deep understanding of clients’ needs were clear. Tailored financial solutions and dedication to top-quality service were also highlighted and our panel wanted to commend this outstanding entry which demonstrated exceptional skills in corporate finance!“
We were also one of the 8 finalists in the overall advisors of the year category. Paul Cantwell commented,” We are delighted to receive this award which recognises our efforts in being an independent provider of corporate finance to the SME Sector. While we have a small in-house team, by working closely with our clients, their accountants and our team of consultants we are able to advise on all corporate finance and recovery matters from raising funding for expansions, management buy-outs to complex company sales”.
A video from the awards night and some photos are below.
Irish Accountancy Awards 2023
Cantwell Corporate Finance are delighted to have been shortlisted in 2 categories for the Irish Accountancy Awards 2023.
Advisory Team of the Year
Advisory Team of the Year – SME Finance
The awards event will take place in Dublin on 25 May.
McCambridges sold to Ireland’s largest grocery distributor Musgrave
We recently advised the McCambridge family on the sale of their company to Musgrave as reported in the Galway Advertiser
Linley Mackenzie Galway Advertiser, Thu, Aug 11, 2022
Galway’s famous family-owned fine food shop McCambridge’s has been sold to Irish grocery giant Musgrave Group.
The award-winning deli, wine outlet and restaurant is an institution in the city centre since opening its doors in 1922, and with three generations at the helm, the sale to Musgrave will come as a huge shock to Galwegians.
The current managing director Eoin, grandson of founder George, and sisters Natalie and Norma agreed to sell to wholesale and retail grocery giants Musgrave for an undisclosed sum after putting the business up for sale on the open market.
Although the family is understood to be retiring from the business, it is expected Musgrave will keep the current to staff of 34 when they take over in the near future, while no immediate changes to the shop are expected.
Musgrave, which owns all Supervalu and Centra businesses, is seen as a good fit for the McCambridge’s brand with many of its businesses, both retail and wholesale outlets, being operated independently. In addition Musgrave acquired Donnybrook Fair in 2018 in a move towards more upmarket food retail outlets, products which are now supplied across Supervalu outlets. It is understood some 70 per cent or more of its products are sourced in Ireland, and that is expected to continue when the change of ownership is complete.
In a statement Musgrave described McCambridge’s as a “fantastic addition” to the group which “aligns with our purpose of Growing Good Business”.
“McCambridge’s is internationally, nationally and locally acclaimed, and greatly admired by food lovers over many years.
“The store currently employs 34 people, all of whom will remain with the business as part of the transition to the Musgrave group. We look forward to working with them as part of the business integration process over the coming months.”
The McCambridge family says they believe the sale of the business is an “exciting development” and “one that will both secure employment and the shop’s future as part of a new chapter in the long history of McCambridge’s”.
“From one family business to another, we believe Musgrave’s values are strongly aligned to our own, and we look forward to watching the store thrive under new ownership.”
The McCambridge family thanked “all colleagues and suppliers, past and present, for their hard work and support”.
“We would like to thank our professional team of Cantwell Corporate Finance Ltd, Sheehan & Co Solrs, and Coll & Co. Finally, we would like to extend our appreciation to our customers for their loyalty through the years. We could not have run such a successful and long-standing business without them.”
We are looking to expand our team……
Cantwell Corporate Finance advises clients looking to sell, expand or acquire businesses. We also support Accountancy Practices in providing valuation, succession planning and insolvency services to their clients. Due to client demand we are looking to expand our team and we are looking for two motivated candidates seeking challenging and diverse roles.
