Endless sells Imtech UK & Ireland to EDF

The sale comes less than two years after the GP acquired the company from Dutch vendor Royal Imtech when the parent group went into insolvency.

Under its new owners, the business will continue to operate independently with its existing management team remaining in place.

Endless was invested in Imtech UK & Ireland via its fourth fund, according to unquote" data, a £525m vehicle that held its first and final close in December 2014.

The sale is subject to regulatory approval, which is expected to be granted within a matter of weeks.

Previous funding
Endless acquired the UK and Irish businesses of Royal Imtech in September 2015. The GP stated at the time that the UK and Ireland businesses were profitable and well-run, despite being affected by the parent's woes, which in turn were attributed to difficulties with the German operations.

Company
Headquartered in Ashford, Imtech UK & Ireland provides engineering services, water, waste and technical facilities management, and energy and systems integration. It has a headcount of 2,100 and generates a turnover of €450m, according to a statement issued by the vendor, down from around 2,500 and €510m at the time of the GP's initial investment.

People
Endless – Aidan Robson (partner).
Imtech UK & Ireland – Paul Kavanagh (CEO).
EDF Energy – Vincent de Rivaz (CEO).
Dalkia – Sylvie Jehanno (CEO).

Advisers
Vendor – Clearwater International, Paul Jones, Helen Lowe, Shahbaz Qasim (corporate finance).

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