UK private equity firm Elaghmore Partners has bought Irish glazing business Alucraft Group.
Elaghmore said it was the biggest deal it had done out of its first fund, though it did not disclose financial specifics.
Alucraft was founded in 1975 and has worked on a number of high-profile commercial property projects.
Alucraft managing director Jack McHugh said the company was looking to expand both here and in the UK. He said Elaghmore “has a strong record of supporting the growth of SMEs and providing non-executive expertise to add even greater value”.
Elaghmore said it was the biggest deal it had done out of its first fund (and the fifth from the fund in total, which saw it raise £60m (€67.2m)). It did not disclose financial specifics.
It was advised on the acquisition by solicitors Byrne Wallace and IBI Corporate Finance.
Elaghmore founding partner Andy Ducker said Alucraft was “a successful, profitable company which has built a market-leading position in Ireland manufacturing and supplying architectural glazing systems to some of the biggest property developments in the country.
“Ireland is an exciting market with high-profile tech companies establishing headquarters there with more opportunities for Alucraft expected as financial services look to build operations in the country post-Brexit.
“We are excited about working with the talented team at Alucraft,” he added.
The private equity firm now plans to back the UK expansion and hopes growth will enable more cross-selling across different subsidiaries.