Co Westmeath-based fire protection company Writech has made its first acquisition since securing a multimillion euro investment last year.
The company has snapped up Compco Fire Systems, a British provider of automatic fire suppression systems. While no details surrounding the deal value have been disclosed, industry sources estimate Writech paid just over €20 million to acquire the company.
Speaking to The Irish Times, Writech managing director Ted Wright said the deal would add €40 million to revenues and cement its position as one of Europe's largest fire protection companies.
Founded in 1988 and headquartered in Worcester, Compco employs over 200 people across six offices.
Mr Wright, whose parents Mary and Thomas Wright founded Writech in 1981, said the deal for Compco was just one of a number of acquisitions the company was looking at as it looked to scale. Ted Wright and his brother Alan Wright took over the business in 2008.
The company expansion comes after private equity firm Waterland took a majority stake in Writech last year and signed off on plans for it to accelerate its UK and European growth strategy and double capacity at its design and innovation centre in Mullingar.
Writech provides fire-protection systems to clients, including some of the largest blue-chip companies in the world.
Mr Wright said expansion was focused on acquisitions outside of the State, with a deal for a company in the Nordics expected to close shortly.
“With expansion we’re creating 40 jobs now in Mullingar, 30 of which are design engineering roles,” he said.
Writech currently employs 114 people in Westmeath with a further six at its office in Manchester. The company reported revenues of €20 million in 2020 but have plans to increase turnover to more than €100 million within three years.
Among the projects the company has worked on include the Department of Heath’s headquarters in Mieseian Plaza in Dublin.
