The management team of Thermodial has completed the 100% buyout of the company with the goal of increasing turnover by 30% to €13 million and growing employee numbers to over 100 people by 2026. Permanent TSB is the primary funder of the MBO. The first phase of the MBO, for 55% of the company, was undertaken in 2016.
Established in 1986 and lead by Managing Director, Turlough Kinane, Thermodial is a leading operator in the installation and maintenance of commercial (HVAC) and building energy management systems (BEMS) in Ireland.
The buyout sees Kinane, Alan Keegan (Operations Director) and Mark Carrick (Projects Director) acquire the remaining 45% shareholding from the founders, giving the trio 100% ownership of the company.
Thermodial’s Managing Director, Mr Kinane said: “Over the decades we have built a strong reputation in the commercial heating and ventilation market and have been successful in being accredited with four ISO standards. That combination of client trust and expertise has enabled us to broaden our services and to grow the BEMS side of the business. Currently we have three dedicated BEMS engineers with a view to adding more this year. This provides with a diversified base on which to continue our growth story.”
Based in Dublin with a national reach, the 37-year-old company serves the retail, public sector, education, hotel & leisure, data-centre and healthcare sectors.
Thermodial’s clients include Eir, Microsoft, JLL and Super Valu, as well as clients in the public sector, education and leisure sectors:
The Public Sector – the Department of Education, the OPW, Dublin City Council, Kildare County Council.
Education – Dún Laoghaire IADT, South East Technological University, Technological University of the Shannon.
Leisure – Castleknock Hotel, MHL Hotel Collection, Premier Lotteries Ireland.
Thermodial’s continued growth has led to the company recently moving to new offices at Magna Park in Citywest, the award-winning business campus in south-west Dublin.
The Thermodial directors were advised by Byrne Wallace, solicitors.