Imtech moves into Ireland with Suir purchase

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 some £45 million in the year to 31 July 2007. Imtech has paid a sum based on “a multiple of over six times normalised EBITA (earnings before interest, tax and amortisation) of 2007.”

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

lmtech recently presented an update on its strategy to 2012. This included strengthening of the company’s 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 this country meets the lmtech criteria for market volume and expectations, investment climate, business culture, and availability of good acquisition candidates.

Jim Steele, chairman of lmtech UK said: “We are pleased to have acquired Suir which is a respected engineering company in Ireland. Its business is complementary to lmtech and provides cross opportunities. As an Irishman I am pleased to bring lmtech to Ireland and can assure staff, customers and suppliers alike, of Imtech’s integrity in this acquisition.”

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