![]() DPS, with 2,850 employees, was founded in 1974 and CEO Frank Keogh and investors effected an MBO in 1996. How much did Cathexis pay for Jones? There might be a clue is the still to be approved acquisition of DPS Group by Dutch peer Arcadis. We believe a hold forever philosophy is in the best interest of our companies, as it allows management and ownership to ignore short term noise and focus on making investments which will strengthen a business’s competitive position into the future.” On the Cathexis Holdings website, Harrison declares: “Given the permanent nature of our capital, we view the optimal hold period for a growing, profitable business to be forever. William Harrison’s family’s fortune was created in the early 1900s by oilman and land baron Dan Harrison. The company was owned by chairman Eric Kinsella (63.7%) and Jim Curley (27.3%) Ahead of the sale to Cathexis, Jones Group shareholders shared a dividend payout of €47m, up from the €36m dividend in 2020. The group, founded in 1890 and employing c.2,100 people, is a leading mechanical, electrical and fire protection contractor operating around the world. Jones had 2021 turnover of c.€920m, which converted to EBITDA of c.€64m. Next on the Harrison menu was the much larger morsel of Jones Engineering, acquired by Cathexis in June 2022. ![]() EBITDA in 2020 was c.€2m, and the family business was owned by Conor Lynch (56). Leo Lynch, established in 1964, had group turnover of €44m in 2020, down from €58m the previous year due to pandemic lockdowns. For the appetiser, in May 2022 Harrison’s vehicle Cathexis Holdings purchased Leo Lynch, which provides process and mechanical engineering services, primarily to clients in the biotech, pharma, microelectronics, healthcare, food and medical technology sectors. The main acquisitor was low-profile Texas billionaire William Harrison, who snapped up not just one but two of Ireland’s premier engineering firms. The big paydays for Irish engineering firmsįor decades Irish companies have punched above their weight on the international engineering stage, and in 2022 some of the long-established players were snapped up by overseas buyers.
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