Private equity firm Waterland Ireland has partnered with Cork’s Industrial Insulation Specialists Ltd (IIS) and Secon Construction Services (Secon) to form the country’s biggest provider of specialist industrial insulation and cladding services for infrastructure sectors.
IIS and Secon are two of Ireland’s specialists in the fabrication and installation of industrial insulation and cladding solutions.
The companies support complex projects across life sciences, data centres, energy, semiconductor manufacturing, food and beverage, and other high-specification industrial sectors.
Waterland said the new partnership will support the companies to accelerate expansion across Ireland and Europe, pursue strategic acquisitions and continue investing in people, systems, technology and customer service.
The group plans to grow revenues and employee numbers over the coming years.
IIS founder John Naughton will lead the combined group, while Secon founder Pat Mulcahy will retain an active leadership role.
The existing management teams will continue to support customers across both businesses, maintaining full continuity of service, Waterland said.
The deal is subject to customary regulatory approvals.
Donal Mac Nioclais, Partner at Waterland Ireland, said that IIS and Secon are outstanding Irish businesses with market-leading positions, exceptional technical capability and strong reputations for delivering safely and reliably in some of the most demanding industrial environments.
“Their work sits at the heart of mission-critical infrastructure across sectors where Ireland and Europe continue to see significant long-term investment, including life sciences, data centres, energy and semiconductor manufacturing,” he said.
“We see significant opportunities to expand organically, support customers across Europe and pursue strategic acquisitions in adjacent industrial services, while continuing to invest in the people and capabilities that have underpinned both businesses’ success,” he added,
John Naughton, founder of IIS, said the partnership brings together two leading Irish specialists with a shared focus on safety, quality and exceptional customer service.
“With Waterland’s support, we have the scale, resources and international experience to support our customers in Ireland and across Europe, while creating more opportunities for our people. Our priority is continuity for customers, with the same teams, the same commitment to service and a clear ambition to grow,” he stated.
Pat Mulcahy, founder of Secon, said today marked an important milestone for Secon and a strong reflection of the incredible work it has done to date.
“I am delighted that the business will continue to grow alongside IIS, with the support of Waterland. Our customers will continue to receive the same service, reliability and partnership they expect from us, while our people will have new opportunities as the group expands,” he added.
