Takeover saves Imtech UK

Imtech UK has been taken over by private equity firm Endless LLP and a deal for the Irish business is expected soon.

New ownership for the business was sought after the Dutch parent company fell into administration.

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.”

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”.

Endless LLP is a private equity fund backed by blue chip US, European and UK institutions with approximately £1bn in funds under management. Imtech UK & Ireland will take the revenues across the Endless portfolio to more than £3bn.

An Endless spokesperson 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”