Wed, 03 Jul 2024 | MBO/MBI
A company that supplies fasteners, fixings and window and door hardware to the Ireland and UK construction and manufacturing industries has been acquired in a management buyout (MBO).
The MBO at Profast Group was led by Stephen Clarke, alongside Craig Milne and Jonathan Aiken. The deal includes Profast Limited in Ireland, Profast (NI) Limited and Fortus Hardware Limited.
The team have taken over from Brendan Flynn, who has led the company since 1995 alongside his wife Helen Flynn and Managing Director Philip Gregg. Following the successful MBO, Stephen Clarke has been named Chief Executive, Craig Milne Chief Operating Officer and Jonathan Aiken Chief Commercial Officer.
Profast Group currently employs more than 55 full-time staff and has worked on numerous high-profile developments including Dublin’s Aviva Stadium, Belfast Film Studios, Belfast’s Windsor Park and the Titanic Museum. The group also works on residential projects and educational institutions and, over recent years, has expanded into renewable energy initiatives and global data centres.
Stephen Clarke commented: "The business remains in very capable hands. I am honoured to assume the role of CEO and lead Profast Group into its next phase of growth.”
"No one understands the business and its potential better than Jonny, Craig, and I, and most importantly our amazing team. I am incredibly excited about the future, and I am very proud of our entire team. The Profast Group has come an incredibly long way since it was established almost 50 years ago.”
Clarke added that Brendan Flynn and Philip Gregg have built the group into “a successful and profitable company” and that these “strong foundations will help us improve our operations in Ireland and become a more influential player across the Island of Ireland and into the UK."
MBOs are becoming an increasingly popular alternative exit strategy for UK owners
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