The Glennon Brothers Group's (GBG) purchase of Balcas, the Enniskillen-based sawmill, has been approved by the Irish Competition and Consumer Protection Commission, and the UK's Competition and Markets Authority.
The acquisition of Balcas from parent company SHV Energy (LPG) Holding BV by GBG represents the first major cross-border sawmill acquisition in the history of Irish timber processing, which is why it required approval from competition bodies in both jurisdictions,
GBG, founded in 1913 is now a major European sawmill, with an annual turnover of €216m and a capacity to process well in excess of 1m cubic metres of logs for the Irish and UK markets.
"We are delighted to have completed the acquisition of the Balcas business, which will enhance our overall product and service offering, as well as diversifying our route to market via Balcas' energy division," said Mike Glennon.
"This acquisition allows us to continue fulfilling our commitment to our customers of offering a one stop shop solution for sawn softwood across UK and Ireland," he continued.
Pat Glennon said that the purchase of Balcas broadens GBG's product range, commenting:
"The opportunity to add value to our established supply chain and core business is extremely exciting," he explained, referring to Balcas' products which include construction timber, fencing, packaging and renewable energy.
"By adding Balcas to our existing business, it further enhances our capability to operate fully from forest to front door," he said.
Brian Murphy, who will continue in his role as CEO of Balcas, said: "The team at Balcas are delighted to be joining the Glennon Brothers family of companies, and we look forward to exciting times ahead for the enlarged business."