Latest news with #DonalMurphy
Irish Independent
22-07-2025
- Business
- Irish Independent
DCC seeks fast-track of process to return cash to investors
DCC PLC is the parent of DCC Energy, which specialises in the sale, marketing and distribution of clean energy solutions, and of DCC Technology, a specialist distribution partner for global technology and appliance brands and customers. It was also the parent of DCC Healthcare, a provider of high-quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division. A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK. In November last, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, CEO Donal Murphy said in an affidavit. In April, an agreement was entered into to sell the division and in May it announced it intended to return £800m (€923m) to shareholders, he said, through a reduction in share capital. Mr Murphy said the capital reduction is a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders. He was commenting as the company sought to have the legal process entered in the fast-track Commercial Court. It is envisaged the transaction will be completed by September. Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey yesterday, said he was looking for a date for a hearing of the matter during the court vacation in August. The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter. He said he would be writing up judgments in August and he would hear it during that week. In April, DCC announced the sale of the healthcare arm to HealthCo Investment – a subsidiary of European investment firm Investindustrial Advisors – in a deal valuing the division at £1.05bn. The sale price was lower than analysts had anticipated, reflecting market volatility at the time, in the wake of the shock unleashed by US president Donald Trump's so called 'Liberation Day' tariffs announcement that month.
Irish Times
21-07-2025
- Business
- Irish Times
DCC applies for court approval for €1bn capital reduction
Stock market-listed conglomerate DCC has applied to the Commercial Court for approval of a reduction in its share capital by nearly €1 billion following the sale of its healthcare division. DCC plc is the parent of DCC Energy, which specialises in the sale, marketing and distribution of clean energy solutions, and of DCC Technology, a specialist distribution partner for global technology and appliance brands and customers. It was also the parent of DCC Healthcare, a provider of high quality medical devices and other healthcare products, and also partners with brands to create and manufacture health and beauty products, until it decided to sell that division. A large proportion of the income of DCC group, which is London-listed and Dublin-headquartered, is generated in the UK. READ MORE In November, DCC announced it would focus on the energy division and began preparations for the sale of the healthcare division, chief executive Donal Murphy said in an affidavit. In April, an agreement was entered into to sell the division and in May it announced it intended to return £800 million (€923 million) to shareholders, he said, through a reduction in share capital. Mr Murphy said the capital reduction and in seeking to have it entered into the fast track Commercial Court, are a step in the larger process of focusing the business of the company on the energy sector and deploying the proceeds of the sale of the healthcare division for the benefit of the shareholders. It is envisaged the transaction will be completed by September. Lyndon MacCann SC, who made the application to Mr Justice Mark Sanfey on Monday, said he was looking for a date for hearing of the matter during the court vacation in August. The judge said while it was not normal to deal with such applications in August, he understood the urgency of the matter. He said he would be writing up judgments in August and he would hear it during that week.
RTÉ News
14-07-2025
- Business
- RTÉ News
DCC to sell Info tech business to AURELIUS
Business support services company DCC said it has agreed a deal to sell DCC Technology's Info tech business in the UK and Ireland to AURELIUS, a private equity investor. The deal values the business at a total enterprise value of about £100m on a cash-free, debt-free and normalised working capital basis. In the year to the end of March 2025, the business recorded revenue of £2 billion and represented about 1% of DCC's continuing operating profit. DCC said the net cash proceeds of the deal are not material, reflecting the working capital seasonality, and the supply chain financing associated with the business. It also said it will retain the freehold title of its UK national distribution centre in Burnley, England. Today's deal is subject to receipt of customary regulatory approvals and is expected to complete in the fourth quarter of this calendar year. The remainder of DCC Technology, the Pro Tech business, is mainly based in North America, with a smaller growth platform in Europe. Donal Murphy, DCC's chief executive, said the sale of Info Tech in the UK and Ireland is a further material step in simplifying the group and focusing on its high growth, high return, energy business. It follows the sale of DCC Healthcare announced in April. "We have made huge strategic progress this year. We are confident that AURELIUS will be a strong partner for our UK and Ireland Info Tech business, driving further operational and financial improvement," the CEO said. "This transaction also represents a positive move for our team, providing new opportunities for growth, development, and long-term success," he added.
Irish Times
14-07-2025
- Business
- Irish Times
DCC to sell UK and Ireland info tech unit for €115m
DCC , the Irish conglomerate seeking to narrow its focus to energy, said it has agreed to sell its information technology distribution business in Ireland and Britain to German-based private equity group Aurelius for £100 million (€115 million). That leaves the larger unit in DCC's technology division, the North America-focused pro tech business which specialises in audiovisual equipment for events companies, still on the block. The information technology unit is being sold on a cash-free, debt free basis and had been the subject of restructuring in advance of the sale, DCC said in a statement on Monday. The net cash proceeds from the deal 'are not material', it said, reflecting working capital seasonality and the supply chain financing associated with the business. The company said that, in the year to end-March, the business recorded revenue of £2 billion and represented around 1 per cent of DCC's continuing operating profit. READ MORE 'The divestment of Info Tech in the UK and Ireland is a further material step in simplifying our group and focusing on our high growth, high return, energy business,' said DCC chief executive Donal Murphy . 'This transaction also represents a positive move for our team, providing new opportunities for growth, development, and long-term success.' Founded in 1976 by businessman Jim Flavin as a provider of venture capital for start-ups before floating almost two decades later, DCC revealed in November it was ditching its conglomerate roots with a plan to sell its healthcare division and review 'strategic options' for its technology business, in order to focus on its energy unit. The group agreed last month in April to sell the healthcare unit to HealthCo Investment, which is owned by funds run or advised by London-based private equity firm Investindustrial Advisors for £945 million in cash, plus £130 million in deferred payments. Leases, taxes owing and other liabilities transferring with the healthcare unit bring the total enterprise value of the transaction to £1.05 billion. Analysts had widely expected DCC to sell its technology operations in two transactions. The division booked a £52 million charge against the loss-making French and Iberian arms of its Exertis business, which distributes tech gadgets from home security cameras to wireless keyboards. It also agreed in April to sell two units for what it called 'a modest consideration', and exited small tech distribution businesses in the Middle East and Scandinavia. DCC also took an almost £74 million goodwill impairment hit against its UK information technology business. A profit recovery in the business 'has taken longer than expected', it said, with market conditions 'showing little signs of improving'. The bulk of £37 million in restructuring costs racked up by DCC last year covered large 'optimisation and integration' projects in its technology division in North America and the UK.
Irish Examiner
14-07-2025
- Business
- Irish Examiner
DCC to sell Irish and UK info tech business to Aurelius for €115m
Irish support services firm DCC has agreed a deal to sell its information technology business in Ireland and the UK to private equity investment group Aurelius for £100m (€115m). The deal is subject to regulatory approval and is expected to be completed in the fourth quarter of this year. DCC's info tech business recorded revenue of £2bn (€2.31bn) in 2024 and represented approximately 1% of DCC's continuing operating profit. "The divestment of info tech in the UK and Ireland is a further material step in simplifying our group and focusing on our high growth, high return, energy business,' said DCC chief executive Donal Murphy on Monday. 'It follows the sale of DCC Healthcare announced in April 2025. We have made huge strategic progress this year.' DCC will retain freehold title of its national distribution centre in Burnley in England. "The remainder of DCC Technology, our pro tech business, is principally based in North America, with a smaller growth platform in Europe. DCC Technology is the largest specialist professional AV distributor globally and has a complementary position in high-quality life tech products in North America," the company said in a statement on Monday. DCC, which is listed in London's FTSE 100, saw an 2.9% increase in adjusted operating profit during its most recent financial year driven by growth in its energy division. The company's 2024 results reported profit in its energy division increased by 6.5% to £535.5m while profit in its technology division declined by 15.7% to £82m. The company said in May it intends to return up to £800m of its DCC Healthcare divestment to shareholders, commencing with a £100m share buyback programme.
