R&S Group is set to acquire MML backed Kyte Powertech, a manufacturer of distribution transformers headquartered in Cavan.
Kyte Powertech will continue to operate as normal following this transaction, while its senior management team, led by Stephanie Leonard, will remain in place, having reinvested in the business.
The transaction marks the exit of MML following its investment, alongside current management, in the company during 2020.
Kyte Powertech employs 490 people, with revenues of €165m in the 12 months to the end of March.
It specialises in the manufacturing of distribution transformers for distribution networks and a range of industrial applications including renewables.
It has strong market positions in Ireland, the United Kingdom, Belgium and the Netherlands.
R&S Group, with operating headquarters in Sissach, Switzerland, has six manufacturing facilities in Switzerland, Italy, Poland and the Middle East, and serves its domestic and European export markets with small and medium power and distribution transformers in the utility, infrastructure and industrial sectors.
It has a global workforce of over 600 people.
"This acquisition could not have been better timed," said Stephanie Leonard, CEO of Kyte Powertech.
"It will allow us to build on the momentum we have generated over recent years and enable us to invest in the considerable market opportunities in Europe and beyond.
"Our addressable market is growing significantly thanks to a surge in electricity usage, transport electrification and data consumption," she added.
Markus Laesser, CEO of R&S Group said M&A is a strategic pillar of the R&S Group roadmap.
"Combining with a leader in additional markets which R&S Group is currently not serving, will strengthen the combined group and management capabilities," he said.
"We are gaining in our product offering and technical expertise."
