Businessman Enda O’Coineen has bought the Sunday Business Post from its owner of the past six years, Key Capital, it has been confirmed.
The purchase by Mr O’Coineen and Kilcullen Kapital Partners, which will await regulatory approval over the next few weeks, does not include Key Capital’s printing operations in Cork.
The newspaper was put on the market last year by Key Capital, the private equity firm founded by Conor Killeen.
In a statement issued by Sunrise Media, whose chairman is Mr Killeen, Mr O’Coineen said that “the opportunity to build on the Sunday Business Post’s growing market share in print, digital journalism, events is at the early stage of its potential”. The newspaper will be profitable this year, it said.
Mr Coineen is not based in Ireland and sees the acquisition “as a reason to spend more time on the island”, according to the statement.
It has been confirmed that Tom Lyons will become executive editor of the title after current editor Ian Kehoe announced his plan a few months ago to leave the newspaper this month.