The Dutch Imtech Group has made its first foray into Ireland with the purchase of m&e contractor Suir Engineering.

Suir had a turnover of about 拢45 million in the year to 31 July 2007.

Imtech has paid a sum based on a multiple of more than six times normalised EBITA (earnings before interest, tax and amortisation) for 2007鈥�.

The Irish company has headquarters in Waterford and employs more than 550 people. The existing management team, led by managing director Eddie Walsh, will remain at Suir, and no redundancies are expected.

Imtech recently presented an update on its strategy to 2012. This included strengthening of the company鈥檚 position in some of its existing markets, particularly the UK, Spain and eastern Europe, but also incorporated efforts aimed at building up a position in Ireland.

This was decided because Ireland meets the Imtech criteria for market volume and expectations, investment climate, business culture and availability of good acquisition candidates.

Jim Steele, chairman of Imtech UK, said: 鈥淲e are pleased to have acquired Suir, which is a respected engineering company in Ireland. Its business is complementary to Imtech and provides cross opportunities.

鈥淎s an Irishman, I am pleased to bring Imtech to Ireland and can assure staff, customers and suppliers alike of Imtech鈥檚 integrity in this acquisition.鈥�

Imtech UK also includes m&e contractors Meica Services, Goodmarriott & Hursthouse and Aqua Group.

Source

Electrical and Mechanical Contractor