Some businesses are built for scale. Others are built for moments when delivery really matters. GMC is firmly in the second camp.
For more than forty years, GMC has been delivering the critical utility infrastructure that keeps Ireland moving, supplying water, gas, power, and public infrastructure to communities across the country. It’s trusted by semi-state bodies, respected by local authorities, and relied upon every day by the people who plan, fund, and operate Ireland’s essential networks.
When we began working with GMC, the business wasn’t standing still. It was growing strongly, winning major projects and operating in a market where demand was only heading in one direction. What made this moment so powerful was the alignment of three things: a second-generation owner who’d taken the business to a new level, a once-in-a-generation investment cycle in Irish infrastructure, and a clear opportunity to bring in a partner who could help GMC scale without losing what makes it special.
And that’s just what TowerBrook did.
A platform that international investors can’t replicate
One of GMC’s biggest strengths is also one of its hardest to copy.
The business operates across water, gas, power, and public infrastructure, giving it a level of diversification that private equity investors value highly. In Ireland, where each utility vertical is dominated by a single national body, that breadth matters.
But the real advantage sits below the surface, literally.
GMC’s team understand Ireland’s underground networks better than almost anyone. They know the streets, the assets, the constraints, and the stakeholders. They’ve spent decades building relationships with local authorities, securing permits, coordinating works, and solving problems before they escalate.
For overseas competitors or new market entrants, that knowledge can’t be bought quickly. It has to be earned. That local credibility, combined with multi-disciplinary capability, made GMC stand out immediately to international investors.
A second-generation business ready for its next phase
GMC is majority-owned and led by CEO Shane McCloskey. Under Shane’s leadership, GMC hasn’t just grown, it’s professionalised, diversified, and built a reputation for getting complex work done properly.
Shane and his senior management team had built a business with real momentum. The question wasn’t whether GMC could grow, but how to unlock the next phase in a way that worked for the shareholders, the team, and the customers who depend on GMC’s delivery every day.
The structure of the deal was critical. Shane wanted to realise some value after thirty years in the business, but he also wanted to go again. Retaining majority ownership mattered. So did being able to look customers in the eye and say, “We’re still here, we’re still in control, and we’re still in this for the long term.”
Why the timing was right
Ireland’s infrastructure challenge has been building for years. Following the financial crisis, investment slowed, maintenance was deferred, and networks aged. At the same time, population growth, housing demand and electrification have continued to accelerate.
Now, that backlog has turned into action. There are record levels of government-backed funding ring-fenced for infrastructure delivery over the next five to ten years. Water, power, and transport are no longer future issues; they’re immediate priorities.
GMC sits right at the centre of this. It delivers critical connections for Uisce Éireann, Gas Networks Ireland, and ESB, and plays a vital role in enabling housing delivery and urban regeneration, particularly across the greater Dublin area.
For investors, that combination of long-term visibility and operational importance is rare. For GMC, it created a clear case for bringing in the right partner to help scale faster and deliver more.
A platform that international investors can’t replicate
One of GMC’s biggest strengths is also one of its hardest to copy.
The business operates across water, gas, power, and public infrastructure, giving it a level of diversification that private equity investors value highly. In Ireland, where each utility vertical is dominated by a single national body, that breadth matters.
But the real advantage sits below the surface, literally.
GMC’s team understand Ireland’s underground networks better than almost anyone. They know the streets, the assets, the constraints, and the stakeholders. They’ve spent decades building relationships with local authorities, securing permits, coordinating works, and solving problems before they escalate.
For overseas competitors or new market entrants, that knowledge can’t be bought quickly. It has to be earned. That local credibility, combined with multi-disciplinary capability, made GMC stand out immediately to international investors.
One of GMC’s biggest strengths is also one of its hardest to copy.
Why TowerBrook was the right fit
TowerBrook brought exactly what GMC needed, and just as importantly, didn’t bring what it didn’t.
They invested through a minority structure, which aligned perfectly with Shane and the management team’s desire to retain control. They brought deep industrial experience, including exposure to power and electrification, which is a key growth area for GMC. And they had the balance sheet strength to give customers confidence and support larger, more complex tenders.
Culturally, the fit worked. TowerBrook recognised that GMC is already a well-run business. Their role is to support, not to interfere. That means adding value through strategic insight, acquisition capability and operational best practice, while allowing management to keep running the business the way that’s made it successful.
What success looks like from here
Success for GMC isn’t just about growth numbers. It’s about impact.
It’s about delivering infrastructure that supports housing, electrification and sustainable transport. It’s about becoming a major player in power as Ireland continues its transition. And it’s about developing the next generation of leaders within the business, so GMC is just as strong in ten years’ time as it is today.
For GMC’s customers, success is simpler. It’s having a trusted partner who gets the job done, on time and to standard, in a landscape where failure isn’t an option.
Our role: shaping the story, not just the deal
From the outset, our focus was on preparation and positioning. With a business as important and as complex as GMC, the details matter. Investors needed to understand not just what the business does, but why its position in the Irish infrastructure ecosystem is so defensible.
We invested early in commercial and legal diligence, built a clear equity story, and helped international investors truly understand the Irish macro environment. That local insight was critical. Ireland’s funding backdrop, regulatory cycles and infrastructure bottlenecks aren’t always obvious from the outside, but they make all the difference when assessing long-term value.
Alongside advising GMC on the investment, our Irish Debt Advisory team supported TowerBrook on the financing, arranging facilities from Tikehau Capital and Bank of Ireland. This integrated approach meant the equity and debt pieces worked together, preserving flexibility and supporting future growth, while keeping the process smooth for management.
Throughout, our role was to guide, challenge where needed, and keep the focus on what mattered most: securing a partner who could help GMC deliver more, without losing control or compromising relationships.
What success looks like from here
Success for GMC isn’t just about growth numbers. It’s about impact.
It’s about delivering infrastructure that supports housing, electrification and sustainable transport. It’s about becoming a major player in power as Ireland continues its transition. And it’s about developing the next generation of leaders within the business, so GMC is just as strong in ten years’ time as it is today.
For GMC’s customers, success is simpler. It’s having a trusted partner who gets the job done, on time and to standard, in a landscape where failure isn’t an option.
Clearwater: backing ambitious businesses through their next chapter
This transaction is a great example of what we do best. We work with owner-led businesses at pivotal moments, helping them bring in the right partner, at the right time, and on the right terms.
Ready to talk?
If you’re considering a strategic sale, international expansion, or a partnership that takes your business into its next chapter, our team would be delighted to talk.
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