Another part of the empire built by businessman Seán Quinn has been sold in a deal believed to be worth in the region of €25m.
Quinn Radiators, part of the business interests of the once-wealthiest man in Ireland, have been sold to RHP Bidco, chaired by Tony Mullins, the former chief executive of plastics and radiator group Barlo.
Barlo was bought by the Quinn Group in 2004 in a deal worth about £70m (€87m).
RHP Bidco has acquired the business from Aventas Manufacturing Group — the firm in control of the former Quinn manufacturing group.
Aventas chief executive Paul O’Brien said the sale was part of the group’s ongoing attempts to realise value for its investors.
“This sale of Quinn Radiators is a first step in realising value for Aventas Group investors. We are pleased to have sold our radiators business to RHP Bidco and we wish Tony Mullins and his team every success in the future development of the business,” said Mr O’Brien.
The Quinn Radiators manufacturing plant is based in Newport, Wales, and has a significant market presence in the UK, Ireland, France, Netherlands, and Belgium.
It employs about 290 people in Wales, 20 in Belgium, and 16 in Ireland. The company posted revenues of about £50m (€62m) last year.
RHP Bidco director David Kerr, who will take over as chief executive of Quinn Radiators, said: “We are very pleased to have completed this transaction and look forward to working with staff and suppliers to ensure we continue to provide excellent service to our customers with a top quality product.”
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