Management buyout at BMD secures 200 jobs

A MANAGEMENT team at BMD, a subsidiary of Cork-based construction firm the Bowen Group, has bought the company from NAMA.

As a result of the deal, 200 jobs have been secured at the engineering company.

The new owners of BMD are five members of the senior management team: John Allen, Paul Keegan, Nicholas Lynch, Frank O’Keeffe and managing director Mike Walsh.

“We are delighted with this outcome which has closed out a period of uncertainty for our 210 employees, our suppliers and our customers,” said Mr Walsh.

“We look forward to continue to serve our core customer base, while also looking towards opportunities overseas and in the offshore renewables sector in the future.”

BMD’s core business is in the biopharma, industrial and energy sectors, all of which are showing positive growth potential, the company said.

The firm will continue to operate from its head office in Little Island, Co Cork, and its manufacturing units will also remain in operation.

BMD was founded in 1974 to serve the pharmaceutical sector.

It has an annual turnover of €25 million and is one of the largest mechanical contractors in Ireland.

The deal was agreed with receivers Grant Thornton, which were appointed as receiver to the Bowen group in July.

BMD’s holding company is Bromstrom. It was advised by Cork-based JW O’Donovan Solicitors and PwC Corporate Finance.

BMD was previously part of the Bowen Group, which is now in receivership.

The company intends keeping on its current workforce and will continue to work with its existing clients and suppliers.

© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Sterling falls after May’s Brexit speech disappoints

Youth unemployment still too high: Draghi

DHL fights driver ruling

IBI adviser completes buyout from BoI

Breaking Stories

Nothing in Theresa May's Brexit speech to address trade or border, says IFA


House cleaning for dummies

Getting clean and lean: James Duigan on the simplicity of changing your food habits

Ask Audrey: You’re 9 on the Crazy Scale, where 1 is sane and 10 is flying with Ryanair

Get out and enjoy: What's on offer for Culture Night?

More From The Irish Examiner