Waterland partners with IIS and Secon to create Ireland’s leading specialist industrial insulation and cladding services group
Dublin, 8 September 2026 – Waterland Ireland has today announced that it has partnered with Industrial Insulation Specialists Ltd (IIS) and Secon Construction Services Ltd (Secon) to form Ireland’s largest provider of specialist industrial insulation and cladding services for mission-critical infrastructure sectors.
Headquartered in Cork, IIS and Secon are two of Ireland’s leading specialists in the fabrication and installation of industrial insulation and cladding solutions. The companies support complex projects across life sciences, data centres, energy, semiconductor manufacturing, food and beverage, and other high-specification industrial sectors, where safety, reliability, timeliness and quality are the corner stone of the business.
The partnership brings together two complementary Irish businesses with deep technical expertise, long-standing customer relationships and a strong track record of delivering for blue-chip multinational customers in demanding operating environments across Ireland and Europe.
The partnership with Waterland will support the companies to accelerate expansion across Ireland and continental Europe, pursue strategic acquisitions and continue investing in people, systems, technology and customer service. The group plans to grow revenues and employee numbers over the coming years.
IIS founder John Naughton will lead the combined group, while Secon founder Pat Mulcahy will retain an active leadership role. The existing management teams will continue to support customers across both businesses, maintaining full continuity of service.
Backed by Waterland’s strategic and financial support, the group is well positioned to accelerate its next phase of growth. It will continue to support existing customers as they deliver major life sciences, data centre, energy and semiconductor projects across Europe, while also expanding its customer base and adding adjacent technical capabilities through acquisition.
Donal Mac Nioclais, Partner at Waterland Ireland, said: “IIS and Secon are outstanding Irish businesses with market-leading positions, exceptional technical capability and strong reputations for delivering safely and reliably in some of the most demanding industrial environments. Their work sits at the heart of mission-critical infrastructure across sectors where Ireland and Europe continue to see significant long-term investment, including life sciences, data centres, energy and semiconductor manufacturing.
“We are delighted to partner with John, Pat and the wider teams to support the next phase of the group’s growth. Together, we see significant opportunities to expand organically, support customers across Europe and pursue strategic acquisitions in adjacent industrial services, while continuing to invest in the people and capabilities that have underpinned both businesses’ success.”
John Naughton, founder of IIS, said: “This partnership brings together two leading Irish specialists with a shared focus on safety, quality and exceptional customer service. IIS and Secon have built strong businesses by delivering for customers on complex projects where technical execution and reliability matter every day.
With Waterland’s support, we have the scale, resources and international experience to support our customers in Ireland and across Europe, while creating more opportunities for our people. Our priority is continuity for customers, with the same teams, the same commitment to service and a clear ambition to grow.”
Pat Mulcahy, founder of Secon, added: “This is an important milestone for Secon and a strong reflection of the incredible work we’ve done to date. I am delighted that the business will continue to grow alongside IIS, with the support of Waterland. Our customers will continue to receive the same service, reliability and partnership they expect from us, while our people will have new opportunities as the group expands.”
The transaction is subject to customary regulatory approvals.
About IIS
Industrial Insulation Specialists Ltd (IIS) is a Cork-headquartered contracting company specialising in the fabrication and installation of insulation and cladding solutions for Irish and European industries. Founded in 2010, IIS supports sectors including data centres, life sciences, pharmaceutical, energy and semiconductor manufacturing, with operations in Ireland and European hubs in Denmark, Holland and Belgium. For more information, please visit www.industrialinsulation.ie.
About Secon
Secon Construction Services Ltd is a Cork-headquartered specialist in industrial insulation for mechanical services. Founded in 2009, Secon supports pharmaceutical, bio-pharmaceutical, chemical, energy generation, semiconductor, food, beverage, brewing and data centre projects, with a team of more than 200 employees and a dedicated workshop for metal cladding and thermal insulation jackets. For more information, please visit www.seconconstruction.com.
Press contact:
Paul Griffin | pgriffin@reputation-inc.com