Four big corporate deals last year and six future leaders have been shortlisted for The Irish Times Business Awards, which are run in association with Bank of Ireland.
In the Deal of the Year category, four big transactions have been shortlisted. These include Grant Thornton Ireland’s merger with its US sister firm of their nonaudit units, with backing by New York private equity firm New Mountain Capital. The Irish business will have a 12 per cent stake in the combined entity with its 45 equity partners receiving a multimillion euro payout.
Also shortlisted is the sale to private equity giant Blackstone of a major stake in data centre business Winthrop Technologies in a deal valuing the Irish company at more than €800 million. This sees Blackstone take a 50.7 per cent stake in Winthrop, with existing shareholders that include founder Barry English, retaining the remainder of the shares. Winthrop has become one of the biggest construction companies focused on the data centre sector in Europe.
In addition, Kerry Group’s divestment of its dairy processing operations to Kerry Co-op members in a two-stage deal valued at €500 million. The co-op, which currently owns about 11 per cent of Kerry Group, will sell 15 per cent of its holding to part finance the initial stage of the deal, which would see it take a 70 per cent stake in Kerry Dairy Ireland.
Also nominated is Flutter Entertainment’ s acquisition of Italy’s Snaitech for a cash consideration based on an enterprise value of €2.3 billion have been nominated for the award. The deal is expected to close by the second quarter of this year and will be “immediately accretive to earnings per share”, the company said.
Future Leader category
In the Future Leader category, six entrepreneurs have been listed.
These include Sharon Cunningham and Orlaith Ryan, the co-founders of Tipperary-based cancer drug company Shorla Oncology. The pair founded the company in 2014 with a focus on rare, orphan and paediatric cancers. In November they were chosen as EY Entrepreneurs of the Year.
Also nominated are brothers Mark and Joseph Scott Lennon, who last year became the third generation of the family to take ownership of landmark 113-bedroom Fitzpatrick Castle Hotel in Killiney, succeeding their mother, Eithne Scott Lennon. They outlined plans for a €10 million investment programme over five years under the umbrella of the new Fitzpatrick Hotel Collection. In August they announced the purchase of the 69-bed Woodenbridge Hotel & Lodge near Arklow in Co Wicklow.
Sadhbh Wood is the chief executive of Bean Around, which makes sustainable cosmetic skincare products from coffee grounds. The company collects used coffee grounds from coffee shops and canteens and repurposes them into exfoliating soap bars.
In October 2022, Bean Around trialled its products with some local coffee shops and the company was a finalist in The Irish Times Innovation Awards last year.
Also nominated is Gráinne Mullins, founder of Grá Chocolates, a Galway chocolate business that includes Irish ingredients and hand-painted designs. The award-winning products are now stocked in Brown Thomas, and members of the Leading Hotels of the World group, with the company reporting revenue last year of €1 million.
The winner of the awards will be announced at a ceremony in Dublin, on February 20th.
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