Cavan-based renewable energy company Galetech Group has acquired a majority stake in Optinergy and plans to double its turnover and headcount in the coming years.
No financial details surrounding the deal have been disclosed although industry sources valued the transaction at about €1 million.
Galetech is acquiring the 38 per cent stake in Optinergy from BVP Investments, which backed the company five years ago through an employment and investment incentive scheme (EIIS) deal.
Also based in Cavan, Optinergy specialises in the provision of operations and maintenance services to the wind industry in Ireland, Britain and Australia. The company currently employs 40 staff and has annual revenues of €4 million.
Optinergy was recently awarded a contract with SSE Renewables to support its fleet of wind turbines across Ireland.
The global market for wind turbine operation and maintenance is expected to grow to just under €45 billion by 2028, an almost 50 per cent increase on the value of the market in 2021.
Galetech said it plans to continue where BVP left off, with plans to invest €1.5 million in Optinery in the short term. Optinergy is looking at doubling turnover by 2024 and taking employees numbers to 80.
"Optinergy is a company which Galetech Group knows well, and we have been impressed with their growth over the last number of years. Given the successful relationship enjoyed with BVP Investments recently, it was the opportune time to increase our interest in Optinergy and assist them in continuing their expansion," said Darren Sherry, director at Galetech Group.
“The Optinergy team are experts at what they do and will enhance Galetech Group’s client offering,” he added.
Founded in 2000, Galetech Group employs 110 staff and has an annual turnover in the region of €17 million.
