Galway businessman Enda O’Coineen, chairman of the Kilcullen Kapital investment group, has finalised a deal to buy the Sunday Business Post.
Mr O’Coineen was advised on the deal by fellow Galway man and experienced newspaper magnate Declan Dooley, who ran the late Galway Independent, and is the co-founder of the Independent Free Newspaper group.
Mr O’Coineen is not expected to make any radical changes to the operation of the Sunday Business Post, which will continue to run as a print newspaper for the foreseeable future.
The deal, which is subject to regulatory approval to move ahead, is expect to close within six to eight weeks.
Owners of the Post Key Capital, which retains control of the printing side of the business, sold the paper to O’Coineen for an undisclosed sum.
In a statement circulated by Kilcullen Kapital, Mr O’Coineen said, “The opportunity to build on the Sunday Business Post’s growing market share in print, digital journalism and events is at the early stage of its potential.”
“We have a brilliant publication under the leadership of CEO, Siobhan Lennon who has the best independent team of journalists in Ireland and a very strong commercial team.”
“This young, able team shares a desire to succeed in all aspects of the business. We look forward to getting to know everyone in the coming weeks.”
Aside from his business ventures in insurance, magazines, and energy, O’Coineen is also known in Galway for his role in the Volvo Ocean Race.
O’Coineen, who does not live in Ireland, has said that buying the paper will give him a reason to, “spend more time on the island.”
One change that is taking place at the Sunday Business Post is the departure of its editor Ian Kehoe later this month.
Kehoe has previously said that he would be departing the paper as soon as his successor was found.
He is being replaced by Tom Lyons, a former editor with the Irish Times.
Conor Killeen, with Key Capital, said they were delighted with the deal, “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.”
The newspaper is expected to remain profitable in 2018, with growing digital advertising and sales, while print circulation remains steady.