IRISH RETAIL web portal Buy4Now has sold its subsidiary in the United States in a move that has allowed its backers to net a windfall of $15 million and make a millionaire out of its founder and chief executive, Ali Murdoch.
The US business has been acquired by Vermont-based MyWebGrocer.
No sum was disclosed but it is believed to have been sold for about $10 million.
Buy4Now said a "capital restructuring" of the group had yielded $15 million for its shareholders, which include Eircom, Superquinn and Grafton Group.
Mr Murdoch, who set up and managed the US business, is believed to have earned $3.5-$4 million from the restructuring.
He has resigned as chief executive and as a director of Buy4Now and reduced his shareholding to 10 per cent from 29.46 per cent.
Mr Murdoch will remain in the US as acting chief executive of the business under its new owners.
Co-founder Michael Veale has taken over as chief executive of Buy4Now.
Mr Veale, chief financial officer Kevin Murphy, chief technology officer Dan Murphy and Allen Corcoran, its professional sales director, now own 53 per cent of the online business between them.
