Brian O’Sullivan, managing director of Zeus said: “This latest acquisition marks the next step in Zeus’ Irish and European strategic expansion path. Essential Supplies has built a highly successful business model, with invaluable relationships with key distributors nationwide. Our acquisition means that this Irish-owned business will expand
Founder and owner of Essential Supplies, John Moran said: “Over the last 27 years, we have built a successful business with a strong reputation nationwide. Essential Supplies’ commitment to providing quality products and service will not change and the entire team is excited to work with Zeus and build on our growth to date.”
Commenting on the transaction, Managing Director, Commercial Banking Division, Ulster Bank, Eddie Cullen said: “Ulster Bank is a strong supporter of Irish business and we are committed to providing help for what matters. Our sectoral experts listened to the specific requirements of Zeus, and working with them we tailored a financing package to meet their unique needs. We’re delighted, that with our support, they’re now taking another important step forward, with the acquisition of Essential Supplies. This acquisition funding forms part of a suite of finance facilities provided by Ulster Bank that will support the next phase of Zeus’ exciting growth ambitions.”
Partner in Deloitte Financial Advisory, Ronan Murray added: “We are delighted to have provided transaction services to Zeus, a Deloitte Best Managed company, on the acquisition of Essential Supplies.”
The acquisition comes as Zeus opens its new €15 million 250,000 sq ft Dublin premises.“The new facility will drive and support our flagship e-commerce site, which allows individuals to order from our full range of products,” Mr O’Sullivan said.
Zeus expects its turnover to hit €170 million this year, up by 13 per cent on last year, as it expands its European capabilities through further acquisitions. The company has a number of offices worldwide, employing about 325 people.