Endless buys Imtech UK & Ireland from insolvent parent

Endless is understood to be backing the two divisions' management buyout, which will see them operate as an independent entity. The UK deal has completed, while the spin-off of the Irish business is expected to be finalised shortly.

Royal Imtech declared bankruptcy at the beginning of August. However, Endless stated that the UK and Ireland business are profitable and well-run, despite being affected by the parent's woes, which in turn were attributed to difficulties with the German operations.

The management team of Imtech UK & Ireland will stay in place following the deal.

Endless raised £525m for its latest fund at the end of last year, holding a first and final close for the vehicle in December. It has since been particularly busy in the first half of 2015, backing five new businesses since April (including Imtech).

Company
Headquartered in Ashford, Imtech UK & Ireland is a technical service provider covering the areas of engineering services, technical facilities management, water, waste and energy and systems integration. It posted a £510m turnover in 2014. According to Endless, the deal will safeguard around 2,500 jobs.

People
Paul Kavanagh is the managing director of Imtech UK & Ireland.

Advisers
Equity – Walker Morris (Legal).

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