Kingspan Acquires Data Centre Specialist BMC Manufacturing in Landmark €900m Deal
Kingspan Group has announced the acquisition of BMC Manufacturing Group, an Ashbourne-based specialist in data centre power management solutions, in a deal worth up to €900 million — the largest acquisition of a private Irish company by an Irish buyer in history. The transaction, comprising an initial payment of €850 million (€600 million in cash and €250 million in new Kingspan shares) plus up to €50 million in performance-related deferred consideration, is subject to clearance from the Competition and Consumer Protection Commission and is expected to close in the fourth quarter of 2026.
Background
Kingspan Group, headquartered in Kingscourt, County Cavan, is one of Ireland's most successful industrial companies, with operations spanning insulated panels, insulation boards, light and air management systems, and data and flooring solutions. The company, led by chief executive Gene Murtagh, has grown from a regional building materials supplier into a global business with revenues of approximately €8 billion and operations in more than seventy countries.
BMC Manufacturing Group was founded in 1991 by Brendan Meehan and is based in Ashbourne, County Meath. The company specialises in designing, engineering, and manufacturing low-voltage switchgear and critical power-management solutions for the data centre industry — a sector that has experienced explosive growth over the past decade as the global demand for cloud computing, artificial intelligence, and digital infrastructure has accelerated.
BMC's growth trajectory has been remarkable. The company's turnover and pre-tax profits quadrupled over the two-year period ending in 2025, and turnover for 2026 is projected to reach €280 million, with an EBITDA of approximately €90 million. The company currently operates from four facilities in Ireland but has been expanding internationally, with 70% of its turnover last year coming from markets outside Ireland, including the Asia-Pacific region.
Key Developments
The acquisition was announced on 11 August 2026 and represents the largest deal in Kingspan's history. The company has indicated that BMC will be integrated into its "Advnsys" division, which provides advanced building services to the data centre sector. The combination of BMC's power management expertise with Advnsys's existing partnerships with hyperscale data centre operators — including some of the world's largest technology companies — is expected to create a significantly enhanced offering for the global data centre market.
Gene Murtagh described the acquisition as a "transformational" step for Kingspan, noting that the global demand for data centre infrastructure is accelerating rapidly and that the combination of BMC's technology with Kingspan's existing capabilities positions the group to capture a significant share of that growth. BMC's management team, including founder Brendan Meehan, will remain with the business following the completion of the transaction.
The deal has been structured to include a deferred consideration of up to €50 million, contingent on BMC achieving significant future profit targets. This structure reflects both the confidence of BMC's management in the company's growth prospects and Kingspan's desire to align the interests of the acquired management team with the long-term performance of the combined business.
Legal advisory for the sellers was provided by Philip Lee LLP. The transaction is subject to clearance by the Competition and Consumer Protection Commission, which is expected to review the deal in the coming months. Kingspan had previously paused a €650 million share buyback programme to maintain financial flexibility for strategic acquisitions of this kind.
Why It Matters
The Kingspan-BMC deal is significant for several reasons. It is the largest acquisition of a private Irish company by an Irish buyer in history — a milestone that reflects the growing scale and ambition of Irish industrial companies. It also represents a significant bet on the continued growth of the global data centre market, which is being driven by the insatiable demand for AI computing power, cloud storage, and digital services.
For Ireland's industrial sector, the deal is a reminder that the country's economic success is not solely dependent on the presence of large multinational corporations. Kingspan and BMC are both Irish-founded companies that have grown through a combination of innovation, international ambition, and disciplined management — a model that offers a more sustainable foundation for long-term economic development than the attraction of foreign direct investment alone.
Local Impact
BMC Manufacturing's four Irish facilities — located in Ashbourne and other sites in the Meath and Dublin area — employ several hundred people, and the acquisition is expected to support the continued growth of those operations. Kingspan has indicated that it intends to invest in BMC's Irish manufacturing capacity as part of the integration process, and the company's plans to establish a new facility in the United States are expected to proceed following the completion of the deal. The acquisition will also have implications for the supply chain of companies that provide components and services to BMC, many of which are based in the greater Dublin and Meath area.
What's Next
The Competition and Consumer Protection Commission is expected to begin its review of the transaction in the coming weeks, with a decision anticipated before the end of 2026. Kingspan has indicated that it expects the deal to close in the fourth quarter of 2026, subject to regulatory clearance. The company will provide an update on the integration plans at its next investor day, scheduled for the autumn. BMC's projected EBITDA of approximately €90 million for 2026 is expected to double by 2027, reflecting the strong growth trajectory of the data centre power management market.
