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 shareholders of Wood Communications were Trevor Wood, John Price & Shirley Fowler. Wood Communications Limited underwent a Management Buy Out in 1999 headed by John Price. John Price has driven Wood Communications forward as Managing Director since 1999 and Tony Hassett has been Sales Director. The business has grown significantly during this period and is now Ireland’s premier distributor in Structured Cabling and associated technologies.
Wood Communications now has over 500 live active customers ranging from small enterprises to large multinationals. The company has developed strong strategic partnerships with a number of suppliers, thus expanding its product and service offering. In addition, it has developed a comprehensive training division.
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. John Price, Managing Director, wished to realise market value for the business and believed that a Management Buy Out would be the best option for the business and staff.
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. They have worked closely with the management team during this process and believe that this is a very positive development for Wood Communications.
"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’
Continuing Price commented “I know the success story of Wood Communications will continue.There is no doubt that Wood Communications is a very dynamic company - where quality, reliability and customer service is achieved through investment and the employment of a workforce that is dedicated towards the goal of achieving perfection. The Management Buy Out team will continue to implement this ethos and introduce new strategies to lead the company into 2008. I wish the new team great success in carrying on those things I have helped start, as well as all their other and future endeavors”.
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".
"As a relatively young management team, we have the energy and passion to drive the business forward. We have already developed new strategies to increase our market share, focusing in particular on the approach to the market. We are totally committed to supporting the telecoms / datacoms market by helping customers meet current and future challenges."
Wood Communications is a national brand built on a strong commitment, by the whole company, to combine the delivery of top quality telecommunication and datacom products to the European consumer with excellent customer service. The company is confident that the strength of the product offering combined with a first-class management team will push the company to the next stage of its development and continue the success that the company has experienced over the past thirteen years.
The refinancing was funded by Bank of Ireland and advisors to the deal included Deloitte and Mason Hayes & Curren.