Tesla supplier Mergon hires Deloitte to advise on growth options

MERGON, a Westmeath-based plastics business that makes components for Tesla, has hired Deloitte to advise it on strategic options as it embarks on a significant growth drive.

The company, a substantial player in its sector which employs 600 people across Ireland, the Czech Republic and the USA, is weighing potential acquisitions. That may require a fundraising but the business is not for sale.

Fast-growing Mergon is led by industry veteran Pat Beirne.

The Castlepollard company makes plastic moulding products used by car manufacturers, healthcare companies, and industrial businesses.

Tesla uses the company’s products to make windscreen and camera washer systems for its models. Just under half of Mergon’s staff are employed in Ireland. The company declined to comment.

Separately, commercial equipment rental company Hire Innovation has hired advisers with a view to taking on growth capital.

That may come via the sale of an equity stake. Hire Innovation is part of the Cross Group but is a distinct entity and the group itself is not participating in the potential fundraising.

Any money raised would be used to fuel international expansion.

Hire Innovation rents out refrigeration equipment, as well as coffee machines and ovens. The company declined to comment.

Another Irish company operating in the refrigeration rental sector – Lowe Refrigeration – was sold to UK business Perwyn for almost €70m earlier this year.

That led to a payday for investors including Irish private equity firm MML Growth Capital Partners Ireland.