Melior Equity Partners, the Dublin-based private equity firm led by former Irish managers with US investment giant Carlyle Group, has taken a major stake in Monaghan-based NRG Panel (NRG), an installer of solar panels and heat pumps, that is targeting deals of its own.
A spokeswoman for Melior said the stake is in the 40-60 per cent range, but declined to say whether it is a majority or minority interest. It is understood that the investment is at the lower end of the typical amount of between €10 million to €30 million that the firm targets per transaction.
Jonathan Dalton, a managing director at Melior, said that NRG Panel aims to grow both organically and by “strategic” acquisitions.
“We are already in advanced discussions with several potential candidates,” he said.
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Founded in 2015 by Conal O’Reilly and Ollie Hughes, NRG provides a range of services that allow residential and commercial customers to improve the energy efficiency of their homes and businesses, reducing costs and carbon emissions. It is on track to post about €20 million of revenues for 2023, having doubled in size in each of the last two years.
The NRG Panel co-founders will continue to be significant shareholders and senior leaders in the business. Conor Foley, an experienced industry executive, has joined the business as chief executive. Melior senior adviser and CEO of electrical goods group Glen Dimplex, Fergal Leamy, has become its chairman.
“This investment will enable us to accelerate our growth and to benefit from Melior’s strategic experience in scaling similar Irish businesses,” said Mr O’Reilly.
Melior was founded by Peter Garvey and Jonathan Cosgrave, former managing directors with Carlyle in the Republic, who co-managed a €290 million private equity fund with Dublin-based Cardinal Capital.
The Melior team is currently deploying capital out of Melior Equity Partners II, a fund which is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB.
NRG is the fifth investment from the fund. Other investments include insurance brokerage BHP Insurance, treasury management software firm Salmon Software and sweet company Rose Confectionery. ,
