Taoglas, the Enniscorthy-based antenna and network component manufacturer that was acquired by US private equity in 2023, is eyeing new acquisitions after completing the sale of its TxWireless connected device company earlier this year.
Consolidated accounts filed by Taoglas Buyer, a new entity that was formed when a majority stake in the group was sold to US-based Graham Partners in 2023, reveal that management agreed on a plan to sell TxWireless in late 2024.
The sale was completed in April 2025, after the company’s financial year-end date, according to the filings.
Although the documents do not name the buyer, Hong Kong-listed Internet of Things (IoT) company Suga International Holdings announced in a press release earlier this year that it had acquired TxWireless in April.
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In a statement, a spokesman for Taoglas said the move will sharpen Taoglas’s focus on “core competencies and strengthen its position in key markets”.
Taoglas Buyer reported a $17.6 million (€15.2 million) loss for 2024, down from $22.3 million in 2023.
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The figures relate only to the Irish business, and Taoglas’s US and global revenue figures have not been disclosed.
Last year, the company told The Irish Times that the 2023 loss was solely related to the acquisition of the Irish business by Graham Partners and the management fees and other costs associated with the transaction.
The 2024 loss, meanwhile, “is entirely related to interest, amortisation of acquisition intangible assets and management fees”, the company spokesman said.
Taoglas group reported acquisition-related costs, specifically legal fees and due diligence costs of $8.4 million in 2024, according to the filings, as well as $3.8 million in financing fees on its loans and borrowings.
Revenues increased from $52.5 million in 2023 to $58.7 million last year. This is because the 2023 figures covered just 10 trading months, while the 2024 figures cover a full 12-month period, and the change in turnover relates to this difference in reporting duration rather than year-on-year growth, the spokesman said.
Dermot O’Shea, chief executive of co-founder of Taoglas, said 2024 was a year of “meaningful progress” for the group.
“Despite a challenging market environment, our core business remained resilient, underpinned by long-term customer relationships, strong demand from our largest international markets, and a robust pipeline of new technology,” he said.
Mr O’Shea, who retained a stake in the business after its acquisition by Graham Partners, said Taoglas is also executing an “ambitious growth strategy that includes targeted acquisitions”.
The spokesman said Taoglas has a “number of add-on acquisitions” in its pipeline.
