No figure has been quoted for the acquisition, but it is believed that that the deal was for almost €12 million, according to the Sunday Business Post, with some of the financing coming from Beltrae.

Over the past 15 years HIS has developed a strong portfolio of energy efficient and micro-renewable products and is now recognised as an industry leader in design of sustainable energy solutions.

James Toland has been appointed as IHS’ managing director and he said: “This is a very strong business, and I look forward to working with the existing team to realise our goals and expand significantly in the coming years.

“IHS has demonstrated consistent year-on-year growth based on its strong reputation for technical excellence and is ideally placed to expand its field of operations throughout the UK and Ireland with current increasing demand for technically guaranteed, sustainable energy based heating solutions.”

Beltrae Partners are an all-Ireland corporate finance advisory firm.

Action inspires action. Stay ahead of the curve with sustainability and energy newsletters from edie