A Cork-based crane and plant hire company has been bought over by the son of the company’s founder, for an undisclosed sum.

William O'Brien Junior has bought out the entire share capital of William O'Brien Plant Hire.

"I am delighted to be keeping the business in family ownership,” William O'Brien Jnr Commented.

"This is a superb business, with first rate management and staff, market leading positions and great prospects for the future."

Mr O'Brien has been Managing Director of the company since 1999, and he held a 25 per cent stake in the family firm, which is now valued between €10 - €15 million.

-- Advertisement --

The company currently has about €7 million worth of equipment on order which will bring its total equipment spend over the past few years to €16m.

Mr O'Brien said he is expecting the company to grow significantly over the forthcoming years.

"I remain committed to expanding the business and our current investment plans bear testament to the very ambitious growth plans currently in the pipeline.

"Central to these plans are a decent land purchase at Little Island which will be used to build a new state-of-the-art maintenance facility for our fleet of vehicles."

He concluded: "We expect construction to begin on this project in April next year with an expected completion date of November 2009."

The company is 50-years-old and currently employs 80 people.

(JM)