Endless buyout to save 700 jobs at Imtech Suir in Waterford

The private equity fund that backed the buyout of parts of the former Quinn Group last year is poised to swoop on the Irish arm of troubled Dutch engineer, Imtech, saving 700 jobs.

The parent of Waterford engineering business, Imtech Suir, confirmed yesterday that it is in talks about a possible sale of the company to US and European investment fund Endless LLP and predicted that a deal would close next week.

Bankrupt

The Waterford company is part of Dutch group Royal Imtech NV, which was declared bankrupt two weeks ago in the wake of an accounting scandal in its German subsidiary that led to losses of hundreds of millions of euro.

Imtech Suir and its British counterpart are both profitable businesses in their own right and will continue to trade as normal after their sale to Endless.

The deal will save 700 jobs in the Irish company, which will remain under the charge of its current management after the sale goes through.

Endless last year funded former Quinn Group chief executive, Liam McCaffrey, and a number of his colleagues in the purchase of their former employer’s packaging and building supplies operations.

The new group, known as the Quinn Business Retention Company (QBRC) paid an undisclosed sum for the operations, which employ about 650 people.

Good position

Imtech Suir managing director,

Michael Kennedy

, said that the sale of his business would leave it in a good position to cash in on the upturn in the Irish building industry.

“It also secures the future employment for our staff, which is very important for the southeast region,” he added.

Endless said that Imtech Suir and its British sister company were profitable, well-run businesses.

Imtech specialises in mechanical, electrical and instrumentation engineering.

Revenues here run to around €100 million a year.