A business consortium headed by former Quinn Group executives is set to acquire certain assets of the remaining business.
It was yesterday announced that Quinn Business Retention Company (QBRC) — in partnership with Endless LLP, a UK private equity specialist — has signed a memorandum of understanding with the renamed Quinn Group of businesses, Aventas.
It relates to the planned sale of the group’s packaging and construction industry supplies divisions, located mainly in Derrylin, Co Fermanagh, and Ballyconnell, Co Cavan.
QBRC is undertaking due diligence of the divisions and it is expected the acquisition will conclude around September/October.
It is understood that eight former Quinn Group senior executives are included in the acquisition, including former group development director Kevin Lunney; former group finance director Dara O’Reilly, and former radiator division head Denis Doogan.
Former Quinn Group chief executive Liam McCaffrey will ultimately lead the new business, post-acquisition.
“We are delighted to have reached an agreement with Aventas for the acquisition of the [construction industry supplies] and packaging businesses and are excited with the prospect of returning to these businesses that we have previously worked in and managed,” Mr McCaffrey said.
Around 2,200 people are employed by Aventas Manufacturing Group. After the expected transaction, 650 of these employees will be employed by the company being formed by QBRC. Aventas will then focus on its radiator, plastics, and glass divisions.
The group’s chief executive, Paul O’Brien, yesterday said management was pleased to have reached agreement, in principle, with QBRC and Endless, adding that Aventas now looks forward to focusing on its remaining business and realising further value for its investors.
No financial information has been divulged, but Endless LLP reportedly has an investment portfolio with a combined turnover of €1bn.
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