Sean Dalton and Matt Ryan stepped down as directors.\ Philip Doyle
ADVERTISEMENT
Tipperary-based O’Dwyer Steel, which has traded as Dundrum Steel RHD since exiting receivership in 2011, announced late last year that it was acquired by Glankos, an investment vehicle led by John Stokes.
Stokes was COO of Limerick-based H&MV in 2022 when a majority stake in that company was acquired by London-based private equity firm Exponent in a deal reportedly valued at more than €100m.
The deal
ADVERTISEMENT
The deal for O’Dwyer Steel is likely to have been considerably smaller than that, with the latest accounts for the company showing a profit of €1.9m on a turnover of €22.2m.
In the wake of the takeover, Sean Dalton and Matt Ryan stepped down as directors, but will, according to a company statement, continue as consultants to the company.
Richard Walsh, managing director of O’Dwyer Steel remains on the board of the company. The directors of Glankos, along with Richard Walsh and O’Dwyer Steel CFO Patrick Hogan sit on the board of a newly formed company Modfab Investments ltd which appears to be the holding company for O’Dwyer Steel.
Walsh said that the acquisition presents an “incredible opportunity” for the company to expand in the energy, pharma and service industries.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Tipperary-based O’Dwyer Steel, which has traded as Dundrum Steel RHD since exiting receivership in 2011, announced late last year that it was acquired by Glankos, an investment vehicle led by John Stokes.
Stokes was COO of Limerick-based H&MV in 2022 when a majority stake in that company was acquired by London-based private equity firm Exponent in a deal reportedly valued at more than €100m.
The deal
The deal for O’Dwyer Steel is likely to have been considerably smaller than that, with the latest accounts for the company showing a profit of €1.9m on a turnover of €22.2m.
In the wake of the takeover, Sean Dalton and Matt Ryan stepped down as directors, but will, according to a company statement, continue as consultants to the company.
Richard Walsh, managing director of O’Dwyer Steel remains on the board of the company. The directors of Glankos, along with Richard Walsh and O’Dwyer Steel CFO Patrick Hogan sit on the board of a newly formed company Modfab Investments ltd which appears to be the holding company for O’Dwyer Steel.
Walsh said that the acquisition presents an “incredible opportunity” for the company to expand in the energy, pharma and service industries.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS