Kilcullen Kapital Partners to acquire Sunday Business Post
Kilcullen chairman Enda O’Coineen said the opportunity to build on The Sunday Business Post’s growing market share in print, digital journalism and events was 'at the early stage of its potential'
Kilcullen Kapital Partners, an investment company founded by businessman Enda O’Coineen, has signed an agreement to acquire The Sunday Business Post from Sunrise Media.
The two sides have been in talks for several weeks, and the deal has now been agreed. The purchase price has not been disclosed.
Sunrise is owned by Key Capital, the private equity firm founded by Conor Killeen. It acquired the newspaper five years ago out of examinership.
Killeen said that the company and board was delighted to pass on a strengthened, broad-based media brand to a determined buyer with ambition to further develop the business. He also expressed his thanks to all those who make the business work for their patient support while the sale process was underway.
“The Sunday Business Post is an important part of society in Ireland and will continue to be valued for its excellence and independence, under the leadership of Enda O’Coineen and Kilcullen Kapital Partners. The new owners demonstrate a sound understanding of the sector and the opportunity for the brand. We are genuinely delighted that they won a thorough, competitive process,” he said.
Kilcullen's chairman, Enda O’Coineen, said there was an opportunity to build on The Sunday Business Post’s growing market share in print, digital journalism and events. “We have a brilliant publication under the leadership of CEO Siobhán Lennon, who has the best independent team of journalists in Ireland and a very strong commercial team,” he said.
Sunday Business Post chief executive Siobhán Lennon said the company looked forward to its future with the Kilcullen Kapital team and “driving the Business Post on to its next exciting phase”.
A businessman and former Irish Times journalist, author and magazine publisher, O’Coineen has been active in a range of investments in technology, energy, and finance.
In a statement, The Sunday Business Post said no significant changes were anticipated in what was expected to be a “strong final quarter” for the paper, which will be profitable for 2018.
“Advertising and digital sales are growing while print circulation is holding its own. The completion of the transaction is subject to customary approvals which we are confident will be met,” the company said.