Private equity firm, Waterland Ireland, has taken a majority stake in a leading electrical wholesaler based in the north east of the country.
Bellew Electrical operates in Drogheda, Dundalk, Castleblayney and Crossmaglen.
Financial details have not been disclosed but sources described the investment as “significant”..
Waterland said the partnership would allow Bellew Electrical to accelerate its ambitious growth strategy across the island, both organically and through mergers and acquisitions.
“Bellew is an exceptional business supported by a team of excellent people,” said Laura Dillon, Partner, Waterland Ireland
“They have a great track record and reputation in the industry for unmatched product quality and customer service.”
“We are very excited about the future prospects for the business and look forward to working with the team to build on their successes to date and realise our joint growth ambitions.”
A family business, Bellew Electrical was founded in 2007 and is among the largest independent electrical wholesalers in Ireland.
It recently opened a central distribution warehouse in Dundalk.
“We are delighted to be partnering with the Waterland team who are experienced in working with family businesses and share our vision for growth,” said Ollie Bellew, chief executive of Bellew Electrical.
“Having such a strong and experienced partner enables us to accelerate our ambitious plans for growth in Ireland and further afield.”
As part of the deal, Waterland representatives will join the board of Bellew.
Waterland, which is led in Ireland by Laura Dillon, has partnered with over 20 firms here in the last three years, adding more than 1000 employees in the process.
Revenue across the group of companies has also grown to over €350m.