SONAS BathroomsThursday, 26 August 2021
ByrneWallace LLP recently advised the selling shareholders in SONAS Bathrooms on a deal that has involved management acquiring a majority stake in the company. Both MML Growth Capital Partners Ireland and Dermot Usher, who has stepped down as CEO but will remain on the Board in a non-executive role, facilitated the MBO by rolling over equity in the business. SONAS is the largest single supplier of bathroom products in Ireland. It employs almost 90 full time staff and has maintained a strong growth trajectory with current year trading on target to reach €45m sales. The MBO was supported by Muzinich & Co, who provided a combination of debt and equity. In addition to funding the MBO, Muzinich has also provided a significant line of growth capital that can be used for both organic and acquisition led growth.
The ByrneWallace LLP team who advised on the transaction was led by Corporate partner Gerry Beausang, and included Banking & Finance partner Lisa Cawley, senior associates Daniel Holohan and Triona Ryan, and solicitors Bianca McLaughlin, Emmet Connolly and Genevieve Gallagher.