Developer Emma Maye's Ardale group has sold door lock and handle-maker Basta for an estimated €1 million, two years after rescuing it from court protection.
Ardale bought Basta in December 2018 after the Sligo-based manufacturer was forced to seek protection from creditors the previous July, when the courts appointed an examiner to the business in an effort to rescue it.
It emerged at the weekend that Ardale has sold the company to construction materials group Laydex Building Solutions in a deal that industry sources calculate could be worth around €1 million.
Neither side revealed the price, but Ardale confirmed that it was a multiple of its investment in the Sligo-based manufacturer.
Ms Maye committed to invest up to €1 million in Basta to develop new products for sale in Ireland and Britain when Ardale bought the business in December.
Sales have increased 75 per cent since then. Basta’s turnover is now €3 million a year while it employs 14 workers who will stay with the company when Laydex takes over.
Ms Maye predicted the deal would pave the way for Basta to further develop the business. “Basta continues to have a great reputation and brand recognition in the hardware and construction sectors. This sale is a great success story for Ardale.”
Ms Maye added that the deal would give Laydex a quality manufacturer to add to its existing products.
A statement said the transaction would strengthen Laydex’s position in the Irish construction supplies market.
“We will continue to stock the products in our own retail outlets and wish Laydex every success with this great brand,” said Ms Maye.
Dublin-headquartered Laydex supplies roofing, flooring, fire protection and other products to builders around the Republic. The business was founded in 1995.
Ardale is active in property, construction and other businesses. According to reports, it recently sold the building occupied by the Aldi supermarket in Rathnew, Co Wicklow, for about €4.8 million. The business has plans for up to 700 dwellings on its land in the area.
Ms Maye is a daughter of Castlethorn Construction founder, the late Liam Maye, a developer of Dundrum Town Centre, Ireland's biggest shopping mall.
