Tipperary-based O’Dwyer Steel, which has traded as Dundrum Steel RHD since exiting receivership in 2011, announced late last year that it was acquired by Glankos, an investment vehicle led by John Stokes.

Stokes was COO of Limerick-based H&MV in 2022 when a majority stake in that company was acquired by London-based private equity firm Exponent in a deal reportedly valued at more than €100m.

The deal

The deal for O’Dwyer Steel is likely to have been considerably smaller than that, with the latest accounts for the company showing a profit of €1.9m on a turnover of €22.2m.

In the wake of the takeover, Sean Dalton and Matt Ryan stepped down as directors, but will, according to a company statement, continue as consultants to the company.

Richard Walsh, managing director of O’Dwyer Steel remains on the board of the company. The directors of Glankos, along with Richard Walsh and O’Dwyer Steel CFO Patrick Hogan sit on the board of a newly formed company Modfab Investments ltd which appears to be the holding company for O’Dwyer Steel.

Walsh said that the acquisition presents an “incredible opportunity” for the company to expand in the energy, pharma and service industries.