Monday, 6 November 2017 – SONAS Bathrooms is delighted to announce that MML Growth Capital Partners Ireland has agreed to make a significant investment into the business. The investment is expected to complete before the end of the year.
SONAS Bathrooms is Ireland's leading provider of quality bathroom products, selling through a network of trade resellers throughout the country, including most retail bathroom showrooms and builders’ merchants. The business recorded revenue of c. €24 million in 2016 and the investment will help existing management, led by Dermot Usher and Richard Sloan continue to drive significant growth. On completion of the investment, Gerard Usher will step down as a director of the company following more than 30 years in the business.
The MML investment will be made through MML Growth Capital Partners Ireland, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium sized private businesses located on the island of Ireland.
Dermot Usher, CEO commented: “We are very pleased to have found an investment partner in MML who share the ambition Richard and I have for the business. They understand and recognise the SONAS Bathrooms ethos: quality products underpinned by the highest levels of customer service and we look forward to working with them to grow the business for many years to come.”
Neil McGowan who led the deal for MML said: “MML is focused on backing ambitious Irish-owned SME businesses and SONAS Bathrooms is a classic example. It is the leader in its market, with strong potential, a driven team of people and we are delighted to be partnering with them.”
Simon Scroope, Head of AIB Corporate Banking, said: “SONAS is a long standing and leading brand in the Irish bathroom market. AIB is delighted to partner with MML on another transaction and support Dermot and the management team to continue to grow and build its business and brand in the coming years.”
The investment, which is subject to approval from the Competition and Consumer Protection Commission (CCPC), was also supported by bank financing provided by AIB Corporate Banking. Clearwater International acted as financial adviser to SONAS Bathrooms. William Fry acted as legal advisers to MML while Byrne Wallace acted for SONAS Bathrooms. Mazars and KPMG provided financial and tax due diligence.