IRISH BUSINESSMAN ENDA O’Coineen has agreed a deal to buy the Sunday Business Post newspaper. 

In a statement, the board of Sunrise Media, which currently owns the Sunday Business Post, announced that Kilcullen Kapital Partners signed an agreement “for an undisclosed sum”.

O’Coineen, who is chairperson of Kilkullen said the opportunity to build the Sunday Business Post’s growing market share in print, digital journalism and events is at the early stage of its potential.

O’Coineen is a former Irish Times journalist, author and magazine publisher. The Galway businessman has been involved in a number of investments in technology, energy and finance. Most recently he completed a solo circumnavigation of the world in the Vendée Globe sailing race on his yacht, Kilkullen Voyager.

He is not based in Ireland but said he sees this new venture as “a reason to spend more time on the island”.

O’Coineen said the paper had “the best independent team of journalists in Ireland and a very strong commercial team”.

This young, able team shares a desire to succeed in all aspects of the business. We look forward to getting to know everyone involved better over the coming weeks and continuing to build on the foundations of those who have promoted quality and independent journalism in Ireland.

Sunrise said no significant changes are anticipated for what is expected to be a strong final quarter for the Sunday Business Post, which it said will be profitable for 2018. Advertising and digital sales are growing and the company said print circulation was “holding its own”. 

Chairman of Sunrise, Conor Killeen said the company was “delighted” to pass on the newspaper to a “determined buyer with ambition to further develop the business”.

“The Sunday Business Post is an important part of society in Ireland and will continue to be valued for its excellence and independence under the leadership of Enda O’Coineen and Kilkullen Kapital Partners. The new owners demonstrate a sound understanding of the sector and the opportunity for the brand.”