While the price is under wraps, it is understood to value the business at around $200m, valuing the 42pc stakes owned by each of the co-founders at potentially €80m.

That catapults the pair into the realms of Ireland’s multi-millionaires, and more importantly, to the ranks of the country’s most successful entrepreneurs.

O’Shea (48) and Quinlan (47) founded Taoglas in 2004 having bumped into each other in Taiwan the year before. O’Shea had been working in the logistics and freight sector, and both had ambition and the drive to create an international electronics business.

Fufilling

Taoglas, with $100m in annual revenue, designs products such as antenna and radio frequency components that can be used for high-accuracy location tracking.

Its technology can be used in applications such as driverless vehicles and precision agriculture. It is also used in healthcare, for providing remote care, disease and lifestyle management, and has applications across other sectors too.

O’Shea describes the sale to Philadelphia-based Graham Partners as “very fulfilling”, as it’s a “top-tier” private equity investor.

“Graham Partners are in the top 10pc in terms of returns and performance,” he said. “They only invest in growing and profitable companies so it is a testament to the great job done by the Taoglas team over the years.”

For O’Shea, it was his formative years that helped to lay the groundwork for what was to come later in life.

O’Shea’s dad was a vet from Cork, while his mother worked for McCauleys chemist – in the first shop of what would later become a successful chain.

Quinlan grew up in Glasnevin on Dublin’s northside. His father worked in insurance, while his mother was a teacher.

“My family were always very supportive and emphasised education and made it a requirement,” O’Shea told the Irish Independent from San Diego after the deal to sell Taoglas was done today.

“Also, they had a great work ethic which still serves me well today,” he added. “My wife Ciara is also from Wexford and she was with me, supporting me even in the years before Taoglas and I would say she has been my rock and soul mate, and believed in me from day one.”

Idols

But it could have all been different for O’Shea, whose heroes growing up included former Liverpool and Celtic player Kenny Dalglish. Argentina legend Diego Maradona was also a firm favourite.

And while football was the draw, maybe there was an early seed that showed a business career ultimately beckoned.

“There weren’t many business idols for me,” he said. “I remember a friend and I did copy cassette tapes as his father had a photocopier so we were able to include a photocopy of the album cover picture to make our tapes more ‘legit’ when we sold them in school.”

From the CBS in Enniscorthy, O’Shea went on to UCD, where he was studying physics and maths. But he had itchy feet and wanted to get out soon after starting. His dad helped to persuade him to see it through.

“When I went to UCD I realised I wanted to get into business in the first couple of months there,” he said. “I wanted to leave, but my Dad had me talk to a couple of business people who convinced me to stay and that it would not make a difference when I am older, that it was just important to have a degree.

“So I stuck it out and enjoyed myself. Funnily, Ronan was in UCD at the same time studying business and Italian.”

Securing funding for any start-up is tricky, but O’Shea credits the support of both his own and Quinlan’s wife in providing solid foundations for the company.

“For me it was all my wife Ciara, as she had a successful career in medical devices,” O’Shea said. “Ronan and I had no salary for over two years.”

AIB, he said, like other potential funders, was initially uncertain about the business – probably because what Taoglas did was so innovative.

“They did say if we were looking for money for a milking parlour it would be much easier.”

Some potential backers even thought the firm made glass. But the bank did eventually pitch in.

“We did secure a €20,000 overdraft from AIB after our accountant and auditor, Tim Quinlivan of Sheil Kinnear in Wexford, told them they needed to support us,” O'Shea said.

“In 2005, Ronan’s friend Tony McIntyre invested €50,000, which we used for tooling new products. Tony remained a shareholder until today and is also selling his shares with Ronan.”

While the sale makes a pile of money for the founders, what else drove them to fund a buyer?

“We got to $100m revenue per year all by ourselves – but it took 18 years,” O’Shea said.

“We want to get to $1bn in revenue by 2030 and we need the help of a firm like Graham to do that and the financial muscle they bring for our acquisition and growth plans.”

But O’Shea isn’t cashing in all his chips.

Prior to the sale, he and Quinlan each owned 42pc of the business. While Quinlan and McIntyre will sell all their stakes, O’Shea will retain a 25pc share in a new holding company and remain as CEO.

Based in San Diego, he’ll remain there for the foreseeable future.

“I’ve been here for 11 years,” he said. “We came over for one year to set up Taoglas USA. I love San Diego and Ireland, and like all immigrants we feel the calling of the Emerald Isle a lot, but no plans to move back permanently.”

Still, Taoglas retains its headquarters in Wexford and the O’Sheas spend time at home in the county every summer. The company’s presence there is something he values.

“For me it is important, as I obviously am emotionally connected to it,” he said. “It has always been our headquarters and it is a location that has been very successful and productive for us. We are planning on expanding there with the new investors.”