Sherry FitzGerald in private deal
Sherry FitzGerald made a pre-tax profit of €6.6m on a turnover of €30m in 2002. The sale price is a multiple of less than four times pre-tax profits at the company which has €4.2m cash in hand and no bank loans or overdrafts.
Yesterday, Renlin, a takeover vehicle set up by Sherry chief executive Mark Fitzgerald, and the management buyout team announced it had secured irrevocable acceptance from the owners of more that 81.2% of the shares in the company to accept an offer of €1.95 a share. The shares traded at €2.30 each on the day the company was floated.
