MML Ireland and Goodbody Capital Partners, on behalf of AIB, are investing a combined €37.7million in PHD Access. (“PHD” or “the Group”), the engineering, access and scaffolding group, to support its continued expansion across Europe.
The investment is being led by MML Ireland with an investment of €26.0 million, alongside a €11.7 million commitment from Goodbody Capital Partners (an existing Limited Partner in MML Ireland Fund). The Dwyer family, founding owners of PHD, will retain a majority interest through significant re-investment and will continue to manage the business.
From its origins in Ireland and the UK, PHD has established a strong and growing European footprint, with operations in Denmark, Germany, Spain and Portugal, and is entering the Netherlands, Sweden and Finland this year. The Group employs over 600 people across Ireland, the UK and Europe and is expected to generate pro forma revenue of approximately €90 million in the current financial year.
As part of the transaction, the Group’s previously separate holding companies within Ireland, which has led the expansion across Europe, and its UK entities, will combine under an Irish Holding Company creating an enlarged and consolidated Group. The investment will support the next phase of the Group’s growth, including expansion into additional markets via organic growth and targeted acquisitions.
PHD’s roots go back to the mid-1980s, when Bernard Dwyer established the family’s first access business. Today, the Group works with leading contractors and site owners internationally across semiconductor, manufacturing, life sciences, data centre, infrastructure and heritage projects.
The second generation of the Dwyer family now leads the business. Danny Dwyer will continue as Chief Executive following this investment alongside Sean Dwyer as Chief Strategy Officer. John Fitzgerald will join PHD as Chair of the Group’s Board of Directors. The Dwyer family will therefore continue to lead the business, supported by a strengthened leadership team, as PHD embarks on its next phase of growth.
In Ireland, PHD operates from Birr, Co. Offaly, and has been involved in the expansion of the country’s semiconductor manufacturing, data centre and life sciences sectors supporting major multinational projects. PHD has recently provided access for the conservation of Kells tower whilst providing temporary rail platforms in preparation for the Ryder Cup in 2027.
In the UK, from its base in Uxbridge, outside London, major projects completed include work on the Houses of Parliament, where the Victoria Tower restoration required 68 miles of scaffold tube which was, at the time, tallest free-standing temporary roof in Europe. In addition, the Group has undertaken major projects such as Elizabeth tower, the London
Stadium, the Cutty Sark in Greenwich and HMS Victory for the National Museum of the Royal Navy.
PHD also has an established and growing presence across Europe, with operations in Denmark, Germany, Spain and Portugal, and plans to enter the Netherlands, Sweden and Finland this year. Across these markets, the Group has supported major hyperscale and data centre developments requiring complex scaffolding and engineered access solutions.
Danny Dwyer, CEO, PHD Access, said:
“PHD has always been a family business with big ambitions. From the company our parents built, we have developed into an international scaffolding and access business working on some of the most complex projects across Europe. This investment gives us the backing to accelerate the next stage of that journey. We see a significant opportunity to grow in our existing markets and enter new ones to ultimately build PHD into the leading specialist access provider in Europe.”
Shane Cooke, Director, MML Ireland, said:
“PHD Access is a high-quality family business with a strong reputation for delivering complex projects for leading technology and infrastructure clients. Danny, Sean and the wider team have built an impressive platform, with a growing presence across Europe and significant opportunities to expand further. We are delighted to partner with PHD and to support the next phase of growth as the business continues to scale its capabilities and international footprint”
Finlay McFadyen, Head of Goodbody Capital Partners, added:
“PHD Access is a high-quality business with a strong management team, an excellent reputation and a proven ability to deliver complex projects for leading customers. The business is well positioned to capitalise on growing demand across its key markets and further expand its presence across Europe. We are delighted to invest alongside MML and support the team through PHD’s next phase of growth.”
MML Capital Ireland received legal advice from Squire Patton Boggs, financial and tax due diligence advice from KPMG Ireland, commercial due diligence advice from Fairgrove Partners, structuring advice from PwC and debt advisory from Clearwater. Insurance reviews were completed by Gallagher, with ESG and health and safety reviews completed by Sustainable Advantage and Hollis respectively.
PHD Access received corporate finance advice from Bean Partners, legal advice from A&L Goodbody LLP and tax and structuring advice from Lumentis Partners LLP.
Goodbody Capital Partners received legal advice from Maples Group.
The transaction is subject to regulatory approval.