Business Plus – April 14th, 2025
Melior Equity Partners Agrees Investment in Ishikawa Technologies to Support Combination with Big Red Cloud and Future Acquisition Opportunities
Ishikawa Technologies, a customer success-focused software industry consolidator backed by Melior Equity Partners, has agreed an investment in Big Red Cloud Group. The investment from Ishikawa Technologies will allow Big Red Cloud Group to enter a new phase of growth ensuring greater innovation, customer success and long-term stability for more than 8,000 Irish small & medium size enterprises (SMEs) that rely every day on Big Red Cloud Group’s solutions. Financial terms of the investment have not been disclosed.
Big Red Cloud Group’s products make financial management simple and efficient for SMEs. With unrivalled ease of use, strong Irish VAT compliance, and a comprehensive suite of integrations, Big Red Cloud Group is renowned for helping business owners save time, reduce complexity, and focus on growth. With Ishikawa Technologies’ support, Big Red Cloud Group is investing further in cloud innovation, automation of payments and collections, and expanding exports, particularly to the UK, where Turbo Inventory, the company’s latest product, is already gaining traction.
As part of this transition, CEO of Big Red Cloud Group, Marc O’Dwyer, will leave the company to pursue other business interests, while Chief Financial & Product Officer, Paraic Nolan, will continue leading key areas of the business. Incoming CEO, Stuart McCaul, the Founder of Ishikawa Technologies and a seasoned leader in the software sector, will take the helm, ensuring continuity and a renewed focus on customer success.
Commenting on the announcement, Marc O’Dwyer, Founder & CEO of Big Red Cloud Group, said,
“Building Big Red Cloud has been an incredible journey. I’m immensely proud of how we’ve helped Irish businesses take control of their finances, and I know that the combination with Ishikawa Technologies will only strengthen our ability to serve customers for years to come.”
Stuart McCaul, Ishikawa Technologies’ Founder and Incoming CEO of Big Red Cloud Group, said,
“Big Red Cloud has always stood for customer success, reliability, and Irish tax expertise. Our goal is simple: to make running a business easier for our customers. With new investment in cloud technology, automation of payments and collections, and an even more intuitive experience, we’re excited to help Irish SMEs do more with less effort.”
Paraic Nolan, CFO & Product Officer of Big Red Cloud, said,
“We’ve built Big Red Cloud around trust, simplicity, and great support. That won’t change. With new investment and a clear path forward, we’re excited to keep making life easier for Irish business owners.”
Big Red Cloud Group customers will continue to enjoy the same trusted service, local support, and easy-to-use software, with additional investment in key areas including:
- Enhanced service to help businesses get the most from their software.
- A modernised payroll experience, as Big Red Payroll moves to the cloud.
- More intelligence and integrations to streamline financial processes.
These improvements reflect Ishikawa Technologies’ commitment to helping SMEs grow with smarter, more connected business software.
Jonathan Cosgrave, Partner at Melior Equity Partners, said,
“We are proud to back Ishikawa Technologies in this strategic acquisition. Big Red Cloud is a well-regarded leader in Irish SME software, and with Ishikawa Technologies’ vision and expertise, we see tremendous potential to scale its products, enhance automation, and expand into new markets. This is exactly the type of investment that aligns with our focus on supporting ambitious, high-growth companies in Ireland.”
Ishikawa Technologies is the seventh investment from Melior Equity Partners Fund II which is backed by a pool of local and international blue-chip investors including The Carlyle Group, the European Investment Fund, Ireland Strategic Investment Fund, Bank of Ireland and AIB. As part of the investment Jonathan Cosgrave, Partner, Melior Equity Partners and Shane O’Brien, Investment Director, Melior Equity Partners will join the Board of Directors of Ishikawa Technologies alongside Stuart McCaul.
Business Plus – March 5th, 2025
Ohk Energy has acquired Harris Heating & Renewables, a leading provider of heating solutions to local authority and private residential customers.
It is the latest in a string of acquisitions by Ohk Energy since private equity firm Melior Equity Partners took a majority stake in the company, which was formerly known as NRG Panel.
Since the October 2023 transaction, Ohk has acquired JFW Renewables, MK Renewables, Crest Pro Power and Pro-Ex Engineering and most recently HHR.
Ohk Energy services residential, business, local authority and utility customers across the island of Ireland from locations in Monaghan, Galway, Dublin, Cork, Tipperary, Sligo and Mayo.
The company is one of Ireland’s foremost SEAI-registered solar PV, battery, EV charger and heat pump installers, and employs more than 225 people across the country.
Ohk Energy has acquired Harris Heating & Renewables, a leading provider of heating solutions to local authority and private residential customers.
It is the latest in a string of acquisitions by Ohk Energy since private equity firm Melior Equity Partner took a majority stake in the coming, which was formerly known as NRG Panel.
Since the October 2023 transaction, Ohk has acquired JFW Renewables, MK Renewables, Crest Pro Power and Pro-Ex Engineering and most recently HHR.
Ohk Energy services residential, business, local authority and utility customers across the island of Ireland from locations in Monaghan, Galway, Dublin, Cork, Tipperary, Sligo and Mayo.
The company is one of Ireland’s foremost SEAI-registered solar PV, battery, EV charger and heat pump installers, and employs more than 225 people across the country.
Ohk said the deal build on its expertise in heating solutions and provides the company with access to long-established local authority relationships.
“We believe local authorities will be one of the key enablers of the energy transition in Ireland,” said Conor Foley, CEO of Ohk Energy.
“Harris Heating & Renewables have an enviable list of long-standing relationships in this sector. We intend on supporting these customers with the wider capabilities of the Ohk Energy Group and expanding Harris’s services into our own customer base.
Ohk Energy has acquired Harris Heating & Renewables, a leading provider of heating solutions to local authority and private residential customers.
It is the latest in a string of acquisitions by Ohk Energy since private equity firm Melior Equity Partners took a majority stake in the coming, which was formerly known as NRG Panel.
Since the October 2023 transaction, Ohk has acquired JFW Renewables, MK Renewables, Crest Pro Power and Pro-Ex Engineering and most recently HHR.
Ohk Energy services residential, business, local authority and utility customers across the island of Ireland from locations in Monaghan, Galway, Dublin, Cork, Tipperary, Sligo and Mayo.
The company is one of Ireland’s foremost SEAI-registered solar PV, battery, EV charger and heat pump installers, and employs more than 225 people across the country.
Ohk said the deal build on its expertise in heating solutions and provides the company with access to long-established local authority relationships.
“We believe local authorities will be one of the key enablers of the energy transition in Ireland,” said Conor Foley, CEO of Ohk Energy.
“Harris Heating & Renewables have an enviable list of long-standing relationships in this sector. We intend on supporting these customers with the wider capabilities of the Ohk Energy Group and expanding Harris’s services into our own customer base.
“This acquisition continues our goal of providing a best-in-class range of services and technologies to a diverse set of customers.”
HHR has been operating for over 40 years and has serviced more than 120,000 customers during this period.
Led by Will O’Shaughnessy and James McCague, HHR installs, services and repairs heating systems for private residential customers and local authorities across Dublin, Kildare, Wicklow, Louth, Meath, Cavan and Monaghan.
Accounts for operating company D. Harris (Heating and Plumbing) Ltd show HHR made a profit of more than €1m in the 12 months to the end of July 2024. The firm employs around 30 people.
O’Shaughnessy and McCague will lead Ohk Energy’s heating division, and the former will join the company’s senior management team.
“I am excited about the prospect of expanding the portfolio of services that we can offer to our existing customers through our merger with the Ohk Energy Group,” said O’Shaughnessy.
“Conor and the wider Ohk Energy management team have impressive plans for the group and I look forward to driving the business forward as part of this talented team.
“The backing of Melior Equity Partners provides additional firepower to support these plans.”
Shane O’Brien, investment director, Melior Equity Partners, said: “Heating accounts for 33% of energy-related carbon emissions in Ireland and Harris Heating is uniquely positioned to facilitate the transition of homes from fossil fuel heat sources to energy efficient heat pumps.
“This acquisition continues our strategy of building the market-leading, diversified provider of energy efficiency services in Ireland.”
Ohk Energy Ltd reported turnover of €13.7m and operating profit of €566,000 in 2023, the last year for which accounts are available, as staff numbers increased from 46 to 79.
Irish Times – January 17th, 2025
Ohk Energy, the installer of solar panels and heat pumps in homes and businesses, has cemented its fourth acquisition since private equity firm Melior Equity Partners took a major stake in the business.
The company, formerly known as NRG Panel, said it has bought Crest Pro Power Pro-Ex Engineering, leading providers of renewable technology solutions to commercial and industrial customers. The firms have a common major shareholder and leader in Sligo-based businessman Brian Healy. Together, the two firms are known as CPP.
A spokeswoman for Ohk declined to comment on the value of the deal. However, it is understood that the total value all four deals Ohk has done since Melior invested in the company in late 2023 amounts to more than €30 million.
Melior currently has a 44 per cent equity stake in Ohk, according to Companies Registration Office (CRO) filings, having seen its stake diluted last year as the company acquired Galway-based JFW Renewables, whose founder Gearoid Whelan rolled an equity stake into the larger group and joined the leadership team.*
Led by Mr Healy, CPP designs, builds and installs renewable energy solutions to allow commercial and industrial customers to take control of their own electricity supply by self-generating and storing energy using solar PV and energy storage systems.
“I am excited to integrate Crest Pro Power and ProEx Engineering into Ohk Energy, further solidifying our position as a leading renewable energy company in Ireland,” Mr Healy said.
Ohk chief executive Conor Foley noted that CPP has provided world-class renewable energy solutions to some of Ireland’s “most sophisticated FDI [foreign direct investment] and indigenous businesses”.
Founded in 2015 by Conal O’Reilly and Ollie Hughes, Ohk provides a range of services that allow residential and commercial customers to improve the energy efficiency of their homes and businesses, reducing costs and carbon emissions.
The co-founders each continue to hold about 11.3 per cent ordinary shares in the business, while a holding company owned by Mr Whelan has a 22.2 per cent interest.
Mr Foley, an experienced industry executive, joined the business as chief executive in late 2023. Melior senior adviser and chief executive of electrical goods group Glen Dimplex, Fergal Leamy, is the chairman of Ohk.
