Danish group acquires Irish steel specialist

Dublin-based steel galvanising firm Galco Steel has been acquired by Danish surface-treatment group DOT, marking the Nordic company’s first expansion beyond its home markets and a significant cross-border transaction in the construction supply chain.

Irish Independent reported that Galco Steel, which generated revenues of €45.9m in its 2024 financial year, provides hot-dip galvanising, industrial painting, and access covers and drainage solutions for construction, infrastructure, agriculture and harbour projects. 

The business operates major facilities in Dublin, Waterford and Cork, alongside Sperrin Galvanising plants in Galway and Northern Ireland, and employs around 300 people.

The buyer, DOT, is owned by Kirk Kapital, the investment firm managing €3.3bn on behalf of the descendants of Lego founder Ole Kirk Christiansen. 

DOT employs approximately 600 people across 12 facilities in the Nordic region and delivers surface-treatment services for materials used in buildings, bridges and large-scale infrastructure projects. The acquisition was supported by financing from Danske Bank.

While the sale price was not disclosed, the deal is understood to value Galco at up to €20m, based on operating profits of €2m in 2024. 

The company also reported net assets of €33.5m at the end of May that year. Revenue in 2024 declined from €48.7m in the prior period, although operating profit increased from €1.4m.

Henrik Steen-Jorgensen, chief executive of DOT, said: “Over a number of years, we have built a strong position in the Nordic region. With the acquisition in Ireland, we are taking our first step beyond our home markets. We immediately gain a significant market share and a solid platform for further growth.”

Until the transaction, Galco was owned by the Quinn family, descendants of founder Joe Quinn, who established the business in 1967. 

Discover more detail on the transaction and what it means for the construction supply chain in the full report.