SONAS is the largest single supplier of bathroom products in Ireland, which has developed a model of asset-light manufacturing of bathroom products distributed under its own brand. The company, which employs almost 90 full-time staff, has maintained a strong growth trajectory with current year trading on target to reach €45m sales.
Commenting on the management buyout (MBO) completed with Darren Tierney, Finance Director and Ger Fahy, Commercial Director Richard said, “This deal reflects management’s ambition and the belief we have in the SONAS brand. We’re delighted to receive the backing and support of Muzinich & Co, led by Howard Mahon. Since joining the business back in 2003, I have witnessed so much growth and development within SONAS, which can be attributed to the efforts of my colleagues both past and present who have made the company what it is today. Working with MML Growth Capital Partners since 2017 has been a positive experience for SONAS management as their investment approach fully supported our brand development and growth strategy.”
The original business was initially incorporated in 1978 by John, the late father of Dermot Usher, who said, “This deal is a significant milestone in the company’s history, and I feel extremely proud to see the management team take the business forward to the next phase in its journey. I am delighted to be taking a non-executive role on the board but formally end my tenure as CEO of the company. I wish the leadership team and each of my colleagues in SONAS continued success into the future.”
MML Ireland will substantially realise its position but is facilitating the MBO by rolling over a minority of its value in the business. The MBO is supported by Muzinich & Co, who provided a combination of debt and equity. In addition to funding the MBO, Muzinich has also provided a significant line of growth capital that can be used for both organic and acquisition-led growth.
Howard Mahon, Director, Pan-European Private Debt with Muzinich said, “SONAS is a market-leading brand providing high quality products and excellent customer service. We have been impressed by the high calibre of the senior management team of Richard, Darren and Ger, who together deliver operational and logistical excellence, resulting in a top rate customer experience. We look forward to working with the management team and the wider business as they enter an exciting new phase of growth.”