CO Tyrone door designer and manufacturer O&S Doors has been acquired by a new private equity backer.
The company, set up by entrepreneur Peter O'Donnell and which is based in Benburb, has been taken over by Rubicon Partners.
The existing management team at O&S, led by John Toomey, will continue to lead the business and will work alongside Rubicon to further develop the company.
Founded in 1988, O&S provides a variety of kitchen, bedroom and bathroom cabinet products from a modern 410,000 sq ft environmentally sustainable production facility.
Selling mainly to retailers, tradespeople, and distributors, it employs more than 300 people across its manufacturing facility and trade counters.
O&S had been forced to shut down down its operations in early 2020 due to the Covid pandemic, but it bounced back strongly the following year.
Indeed revenues in the year to December 2021 soared by 40 per cent from £32.1 million to £45.4 million while bottom-line profit tripled from £1.1m to £3.3m.
And where O&S once attributed close to a quarter of its sales to Europe, principally the Republic, it said all its sales are now in the UK.
Rubicon Partners was advised in this latest acquisition by PwC (financial and tax), CIL (commercial), AON (insurance), Proskauer Rose (legal), Philip Lee (Irish legals), Waterman Group (ESG) and Xaeus Blue (technology). Debt facilities were provided by PNC Business Credit.
The OS Doors deal is the seventh investment made by Rubicon through its institutional fund Rubicon Partners Fund V.
