After extensive talks, private equity firm Endless LLP has reached a deal with Imtech UK to refinance the business after the Dutch parent company fell into administration. Endless is expected to announce a deal to acquire Imtech’s Ireland business imminently.
In a statement, Imtech UK said: “The finalised UK deal and expected Ireland deal, will secure funding and a long term future for Imtech UK & Ireland as an independent business led by the existing management team, safeguarding the future of approximately 2,500 jobs in the UK and Ireland.”
Imtech’s Managing Director, Paul Kavanagh 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 contact at Endless LLP commented: “Imtech UK and 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.”
Endless is a private equity fund backed by blue chip investment partners in the US, Europe and UK, and from a variety of institutions, including renowned universities and charitable organisations.
Imtech UK and Ireland will take the revenues across the Endless portfolio to more than £3bn.