Thermodial completes management buy-out

The Thermodial management team of Turlough Kinane, Alan Keegan and Mark Carrick recently completed the 100% buyout of the company, having already acquired 55% in 2016.

The buyout sees Kinane, as Managing Director, Keegan, Operations Director and Carrick, Projects Director, acquire the remaining 45% shareholding, giving the trio 100% ownership of the company with each having an equal shareholding.

The goal now is to increase the turnover by 30% to €13 million and to further grow employee numbers to over 100 people by 2026.

Established in 1986, Thermodial is now a leading operator in the installation and maintenance of commercial HVAC and building energy management systems (BEMS), in addition to providing a suite of planned preventative maintenance programmes that can be tailored to specific customer needs.

Based in Dublin, but with a national reach, Thermodial recently moved to new premises to facilitate its planned expansion, accommodate its growing workforce, and increase its stockholding of products and spares. This will ensure a more efficient and streamlined service to its broad customer base which includes retail, public sector, education, hotel and leisure, datacentre and healthcare sectors.

Commenting on the acquisition, Kinane said: “Over the decades we have built a strong reputation in the commercial heating and ventilation market and have been successful in being accredited with four ISO standards. That combination of client trust and expertise has enabled us to broaden our services and to grow the BEMS side of the business.”

Team strength

Alan Keegan takes up the story: “Underpinning this development is the strength of the Thermodial team. We have an excellent mix of personnel across all disciplines related to HVAC and BEMS. This mix of highly-qualified and experienced engineers and crafts people provides us with a diversified base on which to continue our growth pattern.

“Longevity of service is another factor with the vast majority of employees working with the company for 10 years or more.”

Thermodial is a strong advocate for CPD (continuous professional development) and, apart from its own in-house training programmes, it also engages with its supply partners to avail of their training modules. The recruitment policy is to employ the best. In addition to taking on qualified personnel from the open market, it has a long-established apprenticeship scheme. Growing its own has proved extremely productive and it currently has 14 apprentices at various stages within the qualification process.

The nature of the services provided by Thermodial has changed and adapted over the years in order to accommodate the ever-evolving market needs. Merely preventing company downtime and disruption to production is no longer good enough. This now has to be done in a sustainable manner that delivers significant energy savings, while also lowering carbon emissions.

Mark Carrick explains: “We are committed to ensuring our clients are environment-friendly businesses and all the services we provide are designed to help achieve this goal.

“However, we also apply the same pro-active approach to minimise the effects we ourselves have on the environment. We always strive to use renewable resources wherever possible, and are committed to reducing waste generation through conservation and recycling measures. We comply with all current Irish and EU regulations and plan our training needs in advance of any new regulatory developments we see coming down the line.”

Thermodial’s mission is to achieve market leadership by providing effective technical solutions which exceed customers’ expectations. It is perfectly set up to do just that.