MML Growth Capital Partners Ireland (MML) has agreed to make a significant investment in SONAS Bathrooms, Ireland’s leading independent supplier of quality bathroom products. Clearwater International Ireland advised the shareholders of SONAS Bathrooms on the transaction. The investment is subject to approval from the Competition and Consumer Protection Commission (CCPC).
Established in Dublin in 1978, SONAS Bathrooms is Ireland’s leading provider of quality bathroom products, selling through a network of trade resellers throughout the country, including most retail bathroom showrooms and builders’ merchants. The business recorded revenue of c. €24m in 2016, and the investment will help existing management, led by Dermot Usher and Richard Sloan, continue to drive significant growth.
This is the second deal Clearwater’s Irish team has completed with MML having advised on the management buyout of H&MV Engineering in November 2015.
The Clearwater International team was led by Partner John Sheridan with support from Executive Christopher Jordan.
“We are very pleased to have found an investment partner in MML who share the passion Richard, and I have for the business. They understand and recognise the SONAS Bathrooms ethos: quality products underpinned by the highest levels of customer service and we look forward to working with them to grow the business for many years to come. Thank you to Clearwater International for their invaluable guidance throughout the process and ultimately delivering a strong result for all shareholders.”
Dermot Usher, CEO, SONAS Bathrooms
“MML is focused on backing ambitious Irish-owned SME businesses and SONAS Bathrooms is a classic example. It is the leader in its market, with a driven team of people and we are delighted to be partnering with them.”
Neil McGowan, Director, MML Growth Capital Partners Ireland
“We are delighted to have advised the shareholders of SONAS Bathrooms on MML’s investment to support the company’s ambitious growth plans. SONAS Bathroom’s dominant market position and strength of its management team coupled with MML’s excellent track record in supporting growth-focused companies will no doubt lead to a successful partnership.”
John Sheridan, Partner Clearwater International