Bellew Electrical, a cross-Border electrical wholesaler backed by Waterland Ireland, has agreed to acquire Louth-based Wesco Electrical for an undisclosed sum.
The deal, which is supported by the Dutch private equity firm’s investment in Bellew, will see the Owens family exit its stake in Wesco. Jimmy Owens was one of the founders of the family business that was established in Drogheda in 1972. The company, which specialises in industrial and domestic products, also has outlets in Navan, Co Meath, and Newbridge and Naas, Co Kildare, employing around 50 people.
Laura Dillon, partner at Waterland Ireland, said Wesco has a “strong market presence” that “aligns perfectly with our investment strategy”.
“With Wesco’s strong presence in Drogheda, Navan, Newbridge and Naas, and our combined expertise and resources, we are poised to drive substantial expansion and innovation in the electrical wholesale market,” said Ollie Bellew, chief executive of Bellew Electrical.
Niall Curran, general manager of Wesco, will remain in situ at the business, which he said has “ambitious growth plans” that will be supported by the takeover and investment from Waterland through Bellew.
“It’s fantastic for the future of our business and builds on the growth we have seen in recent years,” he said. The business has traded well this year, Mr Curran said, despite price inflation and a resulting pullback in spending within the wider market.
Wesco generated after-tax profits of €1.2 million last year, down slightly from the previous year despite an almost 9 per cent increase in revenues to more than €20.8 million, according to recently-filed accounts.
In May, Waterland announced it had acquired a controlling stake in Crossmaglen-anchored Bellew, which predominately sells electrical goods to the construction industry. The deal saw Waterland become an active shareholder in the business – which generated revenues in excess of €34.4 million in the 12 months to the end of July 2023 – alongside its founders Oliver and Michael Bellew.
Water land has invested in five platform companies here since 2019, including Meath-based data centre cable specialist MTM Engineering, Mullingar-based fire safety business Writech and the Silver Stream Healthcare nursing home group, and has typically added complementary businesses to those core investments.
Through those investments the group has been involved in the acquisition of more than 21 companies since its arrival on the Irish scene in 2019, generating about €350 million to the end of last year and employing more than 2,000 people.
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