Irish specialist recruitment agency Brightwater Recruitment is under new ownership following a management buy-out.

The recapitalisation was led by the current senior management team of managing director Barbara McGrath, finance director John O’Donnell, and executive search director Estelle Davis. The deal was supported by Capital Step and financiers John Hannon and John Lacy.

Brightwater, founded in 1998, has offices in Dublin, Cork and Belfast, and employs 95 people across Ireland. The company said its turnover is in approximately €18 million.

McGrath said the new ownership team was looking forward to building on Brightwater’s “strong position in the marketplace and its reputation for exemplary client service”. She added that there was a possibility of further expansion.

“Our business plan is based on measured growth and further talent acquisition," McGrath said. “It will be very much business as usual as we seek to support our clients throughout Ireland. However, we will also be giving serious consideration to any discrete corporate activity that fits with the firm’s culture.”

No further financial details of the transaction were disclosed.