NEW CHAPTER FOR REPUBLIC OF WORK AS ACQUISITION ANNOUNCED
Current CEO Frank Brennan finalises deal with co-investors to run the company
Republic of Work, the Cork-based co-working and innovation campus on South Mall, today announced that Frank Brennan, Chief Executive Officer, has acquired the business from its shareholders, Dan and Linda Kiely and co-founder Dave Ronayne.
Frank Brennan has been involved in Republic of Work since its inception nine years ago. Dave Ronayne, who invested in the company in 2016, and Dan and Linda Kiely, who came on board in February 2020, have now sold their shares to Mr Brennan as part of the acquisition. Brennan is a long-time leader inside Republic of Work and was the first ever employee of the organisation, joining in its earliest days and helping to build it into one of Europe’s best startup communities.
Republic of Work was founded on South Mall in Cork in 2017 and has seen a rapid growth trajectory in that time, evolving into a dynamic, collaborative co-working space and innovation hub with five full-time employees and home to a diverse range of more than 170 companies. The acquisition marks a planned transition for Republic of Work following a period of sustained investment and strategic development.
Frank Brennan, CEO at Republic of Work said, “I’m delighted to announce the acquisition after what’s been a remarkable journey so far. I was the first employee in ROW, so I’ve seen it go from grey carpets and white walls to the vibrant space that it is today. Over the last number of years I’ve been involved in scaling up operations, and, given the huge growth potential that still exists, I see this as an opportune time to take over the company and begin a new chapter. Enterprise Ireland has a really ambitious drive for the next five years to support a thousand start-ups and ROW will be part of that mix.
“I am most grateful to Dan, Linda, and Dave for their input into ROW. During Covid, their vision and steady guidance helped keep the business afloat during a difficult time for the economy. Thankfully, post-Covid, the company soared with working from home policies in place and remote working a new chapter in employment.”
Frank Brennan pictured at the Republic of Work office on South Mall, Cork, where it was announced that CEO Frank Brennan has acquired Republic of Work as part of a management buyout.
Entrepreneur, Dan Kiely, said, “Linda and I backed Republic of Work because it matters: Cork has so many ambitious founders, and founders need community, momentum and the right environment to build. Republic of Work has consistently delivered that, through good times and very challenging ones. Frank is the ideal next owner: he understands the DNA of the place because he helped create it. We’re proud of what Republic of Work has become, and we’re excited to see Frank take it forward. Linda and I are so proud to have been part of this journey over the last few years. We have seen some amazing companies born here who have gone onto great success on the international stage and created a lot of jobs in the local economy.”
Dave Ronayne, CEO of Irish Mainport, said, “We have been on an exciting journey with ROW. It’s been fascinating to see the trajectory of the organisation over the last few years. Cork is a dynamic county with a lot of talent. I wish Frank the best of luck with ROW and I look forward to seeing it develop and grow even further.”
Republic of Work was listed in the top 50 of Europe’s best startup hubs by The Financial Times ranking Top 10 in UK & Ireland and Top 2 in Ireland last year. The organisation is committed to supporting entrepreneurs and is acting as an accelerator for a number of emerging Cork companies.
