Galway businessman Enda O'Coineen, the chairman of Kilcullen Kapital Partners, has signed a deal to buy the Sunday Business Post newspaper.
Staff at the Post, which was put on the market last year by private equity firm Key Capital, were told on Thursday afternoon that the deal with Mr O'Coineen has been finalised. Pending regulatory approval, it is expected to close in about six-to-eight weeks.
Mr O'Coineen was advised on the transaction by fellow Galway businessman Declan Dooley, who previously operated the Galway Independent freesheet and co-founded the Independent Free Newspaper group.
It is anticipated that Mr O'Coineen will make no major immediate changes to the Post, where he sees a long-term future for the printed newspaper. Staff were told the newspaper business remains on course for a profitable 2018. Key Capital has retained control of the printing business, which is located in Cork.
Outgoing editor of the newspaper, Ian Kehoe, is due to leave later this month after recently announcing his departure to pursue new opportunities.
New executive editor
Tom Lyons, a former business journalist with The Irish Times and the Sunday Times, has been appointed as executive editor of the Sunday Business Post.
In a statement circulated by the business, Mr O'Coineen welcomed "the opportunity to build on The Sunday Business Post's growing market share in print, digital journalism and events..."
He said the business "is at the early stage of its potential". According to the statement, Mr O'Coineen, who is based abroad, also said the Post deal gives him a reason "to spend more time on the island".
Conor Killeen of Key Capital also welcomed the deal: "The Sunday Business Post is an important part of society in Ireland and will continue to be valued for its excellence and independence, under the leadership of Enda O'Coineen and Kilcullen Kapital Partners."
Key Capital hired financial firm BDO last September to handle the sale process. Other interested parties since that time included Liam Lynch, who also bought much of the Harmonia magazine stable from Norah Casey.
