Glennon Brothers Group completes Balcas acquistion
Ireland-headed Glennon Brothers Group, a third-generation family-run wood processing business, has announced that it has completed its acquisition of Balcas Ltd from the Netherlands-headed parent company SHV Energy (LPG) Holding BV. The transaction, the value of which has not been disclosed has received approval from the Competition and Markets Authority (CMA) in the UK and Competition and Consumer Protection Commission in Ireland.
Balcas was established in Enniskillen, Northern Ireland, in 1962, and consists of two divisions, Balcas Timber and Balcas Energy. Combined, the business has a turnover of circa £108 million (≈ EUR 127 million) and employs 370 people.
Balcas Timber incorporates the sawmilling operation in Enniskillen, County Fermanagh, Northern Ireland, which produces quality sawn timber products for the fencing, landscaping, agricultural, construction, pallet, and packaging sectors.
In addition, Balcas Energy operates two renewable energy plants – Enniskillen and Invergordon, Scotland respectively – which incorporate combined heat and power (CHP) and the manufacture of Balcas Energy Wood Pellets.
We are delighted to have completed the acquisition of the Balcas business, which will enhance our overall product and service offering, as well as diversifying our route to market via Balcas’ Energy Division. This is a significant milestone in Glennon Brothers’ history, which dates back to 1913, and provides our customers with a broader range as well as increased overall production capacity for the future. This acquisition allows us to continue fulfilling our commitment to our customers of offering a one-stop-shop solution for sawn softwood across the UK and Ireland, said Mike Glennon.
Glennon Brothers have been at the forefront of green technology solutions within the sawmilling sector having recently invested in a CHP plant within its existing facility in Troon, the UK in 2016.
The opportunity to add value to our established supply chain and core business is extremely exciting. We are thrilled to welcome the Balcas team into the Glennon Brothers Group and are excited to start working with them collaboratively, sharing ideas and developing best practices across the wider business. By adding Balcas to our existing business, it further enhances our capability to operate fully from forest to front door, said Pat Glennon.
The addition of two further CHP Plants as part of the Balcas acquisition offers further synergies as well as reinforces the business’ green credentials and overall commitment to sustainability.
The team at Balcas is delighted to be joining the Glennon Brothers family of companies, and we look forward to exciting times ahead for the enlarged business, said Brian Murphy the CEO of Balcas.