Cork firms IIS and Secon form partnership

Merger will form country’s largest provider of industrial insulation and cladding services

IIS specialises in the fabrication and installation of insulation and cladding solutions for data centres, life sciences, pharmaceutical, energy and semiconductor manufacturing.

Cork-based firms Industrial Insulation Specialists (IIS) and Secon Construction Services have announced a new partnership to form the country’s largest provider of industrial insulation and cladding services for infrastructure sectors supported by the private equity firm Waterland Ireland.

Founded in 2010, IIS is a contracting company specialising in the fabrication and installation of insulation and cladding solutions. It supports sectors including data centres, life sciences, pharmaceutical, energy and semiconductor manufacturing.

Also headquartered in Cork, Secon, founded in 2009, develops metal cladding and thermal insulation jackets and works across industries such as pharmaceuticals, bio-pharmaceuticals, energy generations, semiconductor production, food, beverage, brewing and data centres.

The partnership is backed by Waterland Ireland’s financial support.

Waterland Ireland said the partnership would bring together “complementary Irish businesses” that have “strong track record of delivering for blue-chip multinational customers in demanding operating environments across Ireland and Europe”.

IIS founder John Naughton will lead the new combined group, while Secon founder Pat Mulcahy will retain a leadership role. The existing management teams will continue across both entities.

Mr Naughton said IIS and Secon had built “strong businesses by delivering for customers on complex projects where technical execution and reliability matter every day”.

“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.” 

Mr Mulchahy said the announcement was an “important milestone for Secon” and a “strong reflection of the incredible work we’ve done to date”.

“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 said.

The transaction is subject to customary regulatory approvals.

Partner at Waterland Ireland Donal Mac Nioclais said both IIS and Secon were “outstanding Irish businesses with market-leading positions”.

“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.

“Together, 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.”

CORK BUSINESS

A collection of the latest business articles and business analysis from Cork.