Donworth Capital has completed a €4.5m deal to complete the management buy out of Cold Move Ltd, in the process securing a minority shareholding and placing John Casey of Donworth as Chairman of the Board. Cold Move provides temperature controlled and ambient supply chain management services to retailers, manufacturers, brand owners and food service operators. This secures over 100 jobs (60 direct employees) in four facilities based in Galway and Dublin, servicing customers in Ireland, the UK and Europe.
Managing Director Jason Mallon joined the business at its inception in 2005 and together with senior management has partnered with John Casey of Donworth to structure the acquisition which was part financed by Bank of Ireland. Cold Move recorded turnover of €7.6m in 2014 and is forecast for continued growth.
Donworth continues to successfully implement its strategy of investing in businesses with growth potential and providing strategic corporate advice to businesses on mergers, acquisitions and restructuring.
Jason Mallon of Cold Move comments, “We are now well placed to continue Cold Move’s development as a leader in the supply chain sector. The re-structuring brings expertise and a well-financed balance sheet, enabling the development of our business. The team would like to thank Donworth for their on-going support through the process and welcomes John as Chairman of the Board of Cold Move.”.