Management takeover of Thermodial completed

The management team of Thermodial has completed the 100 per cent buyout of the Dublin-based building services company, backed with a loan from Permanent TSB.

The company, which operates in the commercial heating, ventilation and air-conditioning sector, now plans to increase turnover by 30 per cent to €13 million and grow employee numbers to more than 100 people by 2026.

The first phase of the buyout, for 55 per cent of the company, was undertaken in 2016 with a loan from Ulster Bank.

The company was established in 1986 and is led by managing director Turlough Kinane.

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The buyout sees Mr Kinane, operations director Alan Keegan and projects director Mark Carrick acquire the remaining 45 per cent shareholding from the founders, giving the trio 100 per cent ownership of the company.

[ Ulster Bank backs management buy out at Thermodial ]

The company serves the retail, public sector, education, hotel and leisure, data centre and healthcare sectors.

Its clients include Eir, Microsoft, JLL and SuperValu, as well as clients in the public-sector, education and leisure sectors.