Administration of Sonas Bogs has acquired a majority stake within the enterprise from its personal fairness backer, MML Development Capital Companions Eire.
The buyout has been led by managing director Richard Sloan, with finance from Muzinich & Co, by way of a mix of debt and fairness. The phrases of the deal weren’t disclosed.
Sonas claims to be the biggest single provider of loo merchandise in Eire, that are distributed below its personal model. The corporate employs 90 full-time employees and is on the right track to achieve €45 million in gross sales this 12 months.
MML will retain a minority holding within the enterprise, regarded as about 10 per cent.
MML invested in Sonas in December 2017, buying a minority stake and funding the corporate’s development technique. The deal was valued at between €20 million and €30 million.
Sonas provides a spread of loo merchandise by way of a community of commerce resellers across the nation, together with most retail toilet showrooms and builders’ retailers. It recorded income of about €24 million in 2016, simply earlier than MML got here on board.
The Sonas deal was a part of MML’s first fund of €125 million, which was supported by Enterprise Eire, AIB and a variety of worldwide institutional traders. It has a second fund of €145 million, with three investments made thus far.
Doubled in worth
In keeping with Neil McGowan, a accomplice and co-head of investments with MML, the Sonas enterprise has doubled in valued since, suggesting a powerful return for its traders. “It’s been funding for us, we’re very happy,” he mentioned.
Mr McGowan mentioned the MBO was a “pure development” for the corporate and a “template” for the kind of investing that MML will do within the Irish market.
Commenting on the MBO, Mr Sloan mentioned: “This deal displays administration’s ambition and the idea we’ve got within the Sonas model. We’re delighted to obtain the backing and assist of Muzinich, led by Howard Mahon.”
He mentioned working with MML had been a “optimistic expertise” for Sonas as its “funding strategy absolutely supported our model growth and development technique”.
Howard Mahon, director of pan-European personal debt with Muzinich, mentioned: “We look ahead to working with the administration crew and the broader enterprise as they enter an thrilling new part of development. We have now a really optimistic view on the macro setting wherein Sonas operates, and count on to see robust natural development, coupled with the potential for growth and acquisitions sooner or later.”