IIS and Secon join forces with private equity investor to support expansion across Ireland and Europe.
Waterland Ireland has partnered with Industrial Insulation Specialists (IIS) and Secon Construction Services (Secon) to create what is set to become Ireland’s largest specialist industrial insulation and cladding services group.
The transaction, announced today, brings together two Cork-based businesses that provide fabrication and installation services for major industrial projects across sectors including life sciences, data centres, energy, semiconductor manufacturing, and food and beverage production.
“Their work sits at the heart of mission-critical infrastructure across sectors where Ireland and Europe continue to see significant long-term investment”
The combined group will serve customers operating in highly regulated and technically demanding environments where safety, reliability, quality and project delivery are critical. Both businesses have established relationships with multinational customers across Ireland and Europe and have developed strong reputations for delivering specialist insulation and cladding solutions on complex industrial projects.
Market leaders
Under the new structure, IIS founder John Naughton will lead the group, while Secon founder Pat Mulcahy will continue to play an active leadership role. Existing management teams will remain in place, with the businesses continuing to support customers across both organisations.
Waterland said the partnership is intended to support the group’s next phase of growth, including expansion across Ireland and continental Europe, strategic acquisitions and continued investment in people, technology, systems and customer service. The business also plans to increase revenues and employee numbers in the years ahead.
Donal Mac Nioclais, Partner at Waterland Ireland, said the combination creates a platform positioned to benefit from sustained investment in key industrial sectors.
“IIS and Secon are outstanding Irish businesses with market-leading positions, exceptional technical capability and strong reputations for delivering safely and reliably in some of the most demanding industrial environments. Their work sits at the heart of mission-critical infrastructure across sectors where Ireland and Europe continue to see significant long-term investment, including life sciences, data centres, energy and semiconductor manufacturing.
“We are delighted to partner with John, Pat and the wider teams to support the next phase of the group’s growth. Together, we see significant opportunities to expand organically, support customers across Europe and pursue strategic acquisitions in adjacent industrial services, while continuing to invest in the people and capabilities that have underpinned both businesses’ success.”
The newly formed group is expected to continue supporting customers involved in major European life sciences, energy, data centre and semiconductor projects while also exploring opportunities to broaden its capabilities through acquisition.
John Naughton, founder of IIS, said the partnership combines two businesses with a shared focus on delivering for customers operating in complex industrial environments.
“This partnership brings together two leading Irish specialists with a shared focus on safety, quality and exceptional customer service. IIS and Secon have built strong businesses by delivering for customers on complex projects where technical execution and reliability matter every day.
“With Waterland’s support, we have the scale, resources and international experience to support our customers in Ireland and across Europe, while creating more opportunities for our people. Our priority is continuity for customers, with the same teams, the same commitment to service and a clear ambition to grow.”
Pat Mulcahy, founder of Secon, said the agreement marks the next stage in the company’s development.
“This is an important milestone for Secon and a strong reflection of the incredible work we’ve done to date. I am delighted that the business will continue to grow alongside IIS, with the support of Waterland. Our customers will continue to receive the same service, reliability and partnership they expect from us, while our people will have new opportunities as the group expands.”
The transaction remains subject to customary regulatory approvals.
Image at top: The Waterland Ireland investment team
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