This is the group’s fifth acquisition since it was formed by Waterland late last year as it looks to create a national decarbonisation services provider.
EnviroBead, which is headquartered in Mallow in Cork, focuses on the supply and installation of cavity wall, attic and external wall insulation. It also provides and installs heat pumps.
The business employs more than 135 people. EnviroBead customers include private homeowners, as well as local authorities and approved housing bodies.
Following the latest deal, Net Zero will have a workforce of over 700 people with a combined turnover of €150m.
Earlier this year, Waterland also announced the acquisitions of Caldor Solar and Zetta Home Services.
Kildare company Caldor provides solar PV installation across the country, while Louth-based Zetta is a provider of installation and maintenance services for heat pumps and solar PV systems.
Last year, it also announced the acquisitions of heat pump installers Gaffney Mechanical and O’Connor Heating and Plumbing.
“By combining our expertise in insulation systems and deep retrofit, with Net Zero’s strengths in solar PV, heat pump installation and tech enabled maintenance services, we are well-positioned to offer even greater value to our customers and contribute meaningfully to the country’s net-zero goals,” EnviroBead chief executive Brian McHugh said.
The businesses are being acquired under strategic partnership structures. This structure sees incumbent management taking stakes in the new Net Zero group while retaining their leadership roles in what will now become divisions of the overall group.
“The addition of EnviroBead to the Net Zero Group marks another milestone in our journey to lead Ireland’s building decarbonisation efforts,” Waterland Ireland partner and Net Zero Group chair Laura Dillon said.
“EnviroBead’s expertise in insulation systems and deep retrofit complements our existing capabilities, enabling us to offer a comprehensive suite of energy efficiency solutions to our growing customer base, on a national scale,” she added.
Private equity firm Waterland, which was founded in Belgium, has existing investments in the same sector in Belgium and the Netherlands. This work in other markets provides a good insight into how the sector is likely to develop here, Ms Dillon said earlier this year.
“We are committed to continuing our rapid expansion and playing a pivotal role in Ireland’s path to a sustainable energy ecosystem,” she said.
