May’s Business Person of the Month award was given to Laura Dillon, who is both a partner at the Dutch private equity firm Waterland and the lead of its Irish division. In the relevant month, a deal was announced seeing Waterland Ireland acquiring a share in Bellew Electrical, a cross-Border electrical wholesaler. This marks their fifth significant investment on the island since setting foot here in 2019.
This agreement allows Waterland to step into an active role as a shareholder, working side by side with the founders, Oliver and Michael Bellew. The ultimate aim of the investment is to stimulate ambitious growth, a plan which Waterland fully endorses.
Bellew Electrical Wholesale has its main office in Crossmaglen, Co Armagh. Additionally, it operates three more branches in Dundalk and Drogheda (Co Louth), and Castleblayney (Co Monaghan). Predominantly supplying the construction industry, it sells electrical goods wholesale. Over the period of 12 months ending July 2022, they raised revenues exceeding €30 million, and their after-tax profits stood at over €3.1 million.
Waterland plans to invest further in Bellew Electrical Wholesale, allowing it to continue acquiring businesses in the same sector. As explained by Ms Dillon, the market is highly dispersed, with numerous independent electrical wholesalers scattered around the country focusing on specific geographical regions. She affirmed that growth will be achieved organically through Bellew’s new distribution centre and, ideally, via collaborations with other wholesalers.
According to Ms Dillon, Waterland intends to maintain its investment in Irish firms, without having a fixed spending limit, in the forthcoming years. Their broader group concluded their ninth fund, having a total value of €3.5 billion, in January 2023.