Private equity firm to refinance Imtech UK after reaching agreement with Dutch parent company
Private equity firm Endless has reached a deal to invest in the UK arm of Royal Imtech.
The firm has reached agreement to refinance Imtech UK from the trustees of Dutch-based Royal Imtech, which was placed into bankruptcy last month. The UK-arm of the business, which reported annual turnover of £645m in the claendar year 2013, was not included in the bankruptcy proceedings.
The announcement by Endless also included confirmation that the private equity firm was in discussions to acquire the Imtech’s Ireland business. Last week Building reported that Endless was in exclusive negotiations regarding acquiring the shares of Irish-based Imtech Suir Engineering Ltd and its subsidiaries Imtech Suir MEC Ltd, Imtech Suir Saudi Arabia LLC and Imtech Suir Qatar LLC.
The deal to refinance the Irish business is understood to be essentially complete but awaiting approval from Ireland’s competition regulator.
Paul Kavanagh, managing director of Imtech UK & Ireland, said: “We are delighted to be securing existing jobs and a long term future for Imtech UK & Ireland.
“The business remains in a good position, with a significant order book and large projects to deliver for our clients. With the existing management team in place we are confident we can continue to grow the business.”
A spokesperson from Endless LLP said: “Imtech UK & Ireland are profitable, well run businesses which through no fault of their own have experienced a short period of uncertainty following their Dutch parent’s insolvency.
“That was caused by troubles at the German subsidiary. We are moving quickly to provide Paul and his team with the funds they need to get this profitable business back to normality and properly capitalised again. We look forward to helping them grow their business in the coming years.”