Sale agreed for Ballyconnell insulation company

The managing director of a Ballyconnell insulation manufacturer believes the agreement to sell the company will have a "positive outcome" for its staff.

Ballytherm announced today that they have struck a deal to sell its Irish and UK operations to Xtratherm, part of the Unilin group.

The company has manufactured PIR insulation products for almost 20 years from their Ballyconnell site with directors Brendan Cosgrove and Gerry Reilly at the helm.

In 2019, Ballytherm acquired a 15 acre site together with a 257,000sqft manufacturing facility in Ross on Wye, Herefordshire UK, which is also included in the sale. Subject to regulatory approval, the deal will close later this year.

The well-known business - wholly owned by Brendan & Siobhan Cosgrove and Gerry & Gemma Reilly - employs 55 people.

“We are very pleased to be announcing this news today as we believe it is a great opportunity for not just the business but for the hard-working team employed in Ireland and the UK," said Managing Director, Brendan Cosgrove. "The offer from Xtratherm was a compelling opportunity for us to crystalise our investment and we believe it will be a positive outcome for everyone, including our loyal workforce, customers, and suppliers.”

Next level

He continued: “Xtratherm is well placed to take Ballytherm to the next level together with the highly skilled management team and workforce currently enjoyed by the company in Ballyconnell and Ross-On-Wye UK. Ballytherm is an important employer within the local economies of Cavan and Fermanagh, and we are confident its future is in safe hands”.

Advisors to Ballytherm on the transaction were Patrick Dillon & Ann-Marie Costello, Grant Thornton Corporate Finance; Patrick Keavney & Bernice Clarke, KBG Accountants; Aidan Lawlor & Dan McNamara, McCann Fitzgerald Solicitors, and Michael Ryan, M Ryan & Co Solicitors .