Management Buy Out drives forward growth of Wood Communications

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 26, 2007 -- Wood Communications, Ireland’s leading distributor of fibre optic, structured cabling and associated telecommunications technologies, has undergone a change in ownership as a result of a management buy-out. The company, which ranks as one of the top distributors in Ireland, is looking to grow its turnover significantly and is seeking to expand its market share in Ireland.

Established in 1924, Wood Communications formerly traded as the Communications Division of the LR Wood Group. In 1994 Wood Communications Limited was incorporated as an independent company within the group. The business has grown significantly during this period and is now Ireland’s premier distributor in Structured Cabling and associated technologies. It now has over 500 live active customers and has developed strong strategic partnerships with a number of suppliers, thus expanding its product and service offering.

Over the past eighteen months there has been considerable interest shown from companies in acquisition mode in Wood Communications. This was due to the strong presence the company has in the Irish market. Under the terms of the agreement the company will continue to trade under Wood Communications. The Management Buy Out will provide a focused approach to management within Wood Communications and will enable the team to position the company strategically in the market. The dynamic new management team will be led by Managing Director, Keith Mahony, Pat Kennedy, Financial Director and Derek Finlay as Business Development Director. John Price, current Managing Director and Tony Hassett, Sales Director are leaving the company to pursue new business interests in the structured cabling industry.

"We are delighted to have successfully completed this buy-out agreement," said John Price. "The new senior management team is now ready to unleash new business and marketing strategies. I am very confident of Wood Communications’ future growth. We have good reasons to believe that the comprehensive services that we offer and the added flexibility and independence resulting from this management buy out will generate strong revenue and profit growth. Most importantly, for Wood Communications’ customers and employees, the new business entity will be driven by a highly experienced team that has helped to develop Wood Communications over the past number of years".

Commenting on the Management Buy Out Keith Mahony, Managing Director of Wood Communications stated "The management team and I are thrilled to have this opportunity to shape the future of such a great company. 2007 has turned out to be a strong year for us and our MBO provides us with a springboard for even greater success in 2008. Market conditions are very positive for our major product groups and our customers can continue to rely upon our hard earned reputation for excellent customer service which is built upon the efforts of our committed and loyal work force”.

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