Horseware hires Grant Thornton as part of strategic review

Horseware, the Dundalk manufacturer of the Rambo equine blanket, is seeking investment of up to €5 million to help it boost its sales across Europe and America.

Tom MacGuinness, the company’s founder and chief executive, says it has also hired accountancy firm Grant Thornton to help it undertake a strategic review of the business. Mr MacGuinness said the review could lead to a merger with another European distributor or even a sale of the business in “three to five years time”.

Horseware, which sells about €33 million of horse and rider clothing each year, has a sales tent at the RDS Simmonscourt today, as part of the Dublin Horse Show.

Mr MacGuinness, who is aged 62, said the company was undertaking a process to determine its future strategic direction and ownership. “We are using Grant Thornton at the moment,” he said.

Consultation
"We have done a whole process on this. Everybody has been consulted – my kids, management, shareholders, everybody," said Mr MacGuinness.

“We are now looking to approach [potential investors]. We would like to raise between €3 million and €5 million to take us up to the €40 million sales level,” he added.

Once it reaches that level of sales, Mr MacGuiness added, the company would have “a decision to make”. His family controls about 75 per cent of the company.

“Do we continue to grow it, or do we sell it? I have about eight key managers in their 40s and 50s. They’re not ready to retire. A number of European companies have also looked to take us over, but they haven’t offered the value.”

He said the company was talking to one “Dutch company, and something may come of that”.