Building group Bowen is to sell two subsidiaries with revenues of €6 million to their management. Bowen said yesterday that it has agreed to sell Ring-Gard and Ultravista to their management for an undisclosed sum.

Ring-gard manufactures and installs rolling shutters and doors for commercial organisations.

Ultravista, which trades as Ultrasales, installs glazed roofing and curtain wall systems.

Both are based in Baldoyle, Dublin and have the same management. They had combined sales last year of €6 million.

Cork-based Bowen Group bought the businesses from IFG in 1999.

Bowen paid €4 million at the time for the businesses, which went under the banner of Arthur Ring & Sons. Ultravista was a BES company controlled by Arthur Ring.

Along with the initial payment, Bowen was committed to paying a further €2.8 million as an earn-out. This was tied to Arthur Ring's profitability. It is not known if it paid that amount in full.

It is understood that the management buyout is by mutual agreement following discussions between the businesses and their parent.

John Bowen, who has a majority stake in the Bowen Group, and businessman Don Brockie, are listed as directors of both companies.

A balance sheet lodged with the Companies' Registration Office (CRO) late late year shows that Ring-Gard's profit and loss account had a €4 million deficit at the end of 2005.

Bowen Group is one of the country's biggest building groups.