A management buy-out (MBO) has taken place at telecoms and data communications distributor Wood Communications, but the deal’s financial details have not been disclosed.
The company is seeking to expand its market share significantly under the new management team, which will be led by managing director Keith Mahony, financial director Pat Kennedy and business development director Derek Finlay.
Currently managing director John Price and sales director Tony Hassett are leaving the company to pursue new business interests in the structured cabling industry. They have worked closely with the management team during this process and believe that this is a very positive development for Wood Communications.
Dublin-based Wood Communications currently employs 14 people. It is a distributor of fibre optic, structured cabling and associated telecommunications technologies.
Wood Communications has over 500 live active customers ranging from small enterprises to large multinationals. It has developed strong strategic partnerships with a number of suppliers, thus expanding its product and service offering.
“We are delighted to have successfully completed this buy-out agreement,” said outgoing managing director Price. “The new senior management team is now ready to unleash new business and marketing strategies.
“I am very confident of Wood Communications’ future growth. We have good reasons to believe that the comprehensive services that we offer and the added flexibility and independence resulting from this MBO will generate strong revenue and profit growth. The new business entity will be driven by a highly experienced team that has helped to develop the company over the past number of years.”
“2007 has turned out to be a strong year for us and our MBO provides us with a springboard for even greater success in 2008,” commented incoming managing director Mahony. “As a relatively young management team, we have the energy and passion to drive the business forward. We have already developed new strategies to increase our market share, focusing in particular on the approach to the market.”
Established in 1924, Wood Communications formerly traded as the Communications Division of the LR Wood Group. In 1994 Wood Communications Limited was incorporated as an independent company within the group. The shareholders of Wood Communications were Trevor Wood, John Price and Shirley Fowler. Wood Communications Limited underwent a management buyout in 1999 headed by John Price. The business has grown significantly during this period.
Under the terms of the agreement the company will continue to trade under Wood Communications.
The refinancing was funded by Bank of Ireland and advisers to the deal included Deloitte and Mason Hayes & Curran.
By Niall Byrne
Get your early bird tickets now!