Benchmark International Successfully Facilitated the Transaction Between Industrial Insulation Specialists Ltd and Waterland Private Equity Ireland Limited

Benchmark International is delighted to announce that Industrial Insulation Specialists (IIS), partnered with Waterland to form Ireland’s largest provider of specialist industrial insulation and cladding services for mission-critical infrastructure sectors, along with Secon Construction Services (Secon).

Headquartered in Cork, IIS is a specialist provider of high-performance cladding and insulation systems, offering fabrication and installation services across Ireland and Europe. Founded in 2010, IIS supports sectors including data centres, life sciences, pharmaceuticals, energy, and semiconductor manufacturing, with operations in Ireland and European hubs in Denmark, the Netherlands, and Belgium.

Waterland is an independent European investment firm that supports entrepreneurs in achieving their growth ambitions. Waterland currently manages more than €20 billion in assets under management. Since its founding in 1999, Waterland has grown into an organisation of more than 220 professionals, operating from 11 offices across 9 countries.

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IIS founder John Naughton will lead the combined group, while Secon founder Pat Mulcahy will retain an active leadership role. The existing management teams will continue to support customers across both businesses, maintaining full continuity of service.

The partnership with Waterland will support the companies in accelerating their expansion across Ireland and continental Europe, pursue strategic acquisitions and continue investing in people, systems, technology, and customer service. The group plans to grow revenues and employee numbers over the coming years.

John Naughton, founder of IIS, said: “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.”

Donal Mac Nioclais, Partner at Waterland Ireland, said: “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 transaction is subject to customary regulatory approvals.

Benchmark International acted as exclusive financial adviser to IIS on its transaction with Waterland.

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