Brightwater Owner Acquires Vantage Resources

27 Oct 2021 | 09.22 am

Brightwater Owner Acquires Vantage Resources

Pleasing outcome for founder Simon Martin

27 Oct 2021 | 09.22 am

Bakhchysarai Ireland Ltd (BIL), the company established for the MBO of recruitment agency Brightwater in 2018, has acquired Vantage Resources.

Vantage Resources in Leopardstown is an IT contracting and talent acquisition business founded in 2000 that primarily sources specialist IT professionals on medium to long term contracts to clients.

Vantage Resources Ltd is owned by Simon Martin (61). The company had turnover of €22m in the year to August 2020 and booked a gross profit of €3.1m and net profit of €1m.

Net worth in August 2020 was €5.1m, with €3.2m cash in the balance sheet. Trade debtors at year-end were €4.8m, up from €4.3m the year before.

BIL said that Vantage Resources will continue to operate as an independent business.

In January 2020, BIL acquired PE Global in Cork, which provides staffing and contingent recruitment services.

Brightwater Group managing director Barbara McGrath (pictured) stated: “This acquisition adds a significant amount of synergies between all of our group brands. We are very confident that this will prove itself to be a successful and rewarding working relationship over the coming years.”

BIL’s acquisition spree is being funded by London finance house Duke Royalty and Bank of Ireland.

In the year to December 2019, Bakhchysarai Ireland Ltd had turnover of €17.8m and booked an operating profit of €840,000. Interest payments on borrowings amounted to €614,000, and total liabilities at period-end were €11m.

Bakhchysarai Ireland’s main shareholders are Duke Royalty (36.4%), John Lacy (16.4%), John Hannon (13.6%), David Bloch (9.1%), Barbara McGrath (7.1%), John O’Donnell (6.1%) and Estelle Davis (4.6%).

 

 

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