A YORKSHIRE-based private equity firm has secured an agreement which is expected to save 2,500 jobs in the UK and Ireland.
Technical services provider Imtech UK has concluded a deal to refinance its business through an investment from Endless LLP, which is based in Leeds.
The announcement follows exclusive talks between Imtech UK, Endless LLP and the trustees involved in the bankruptcy of Royal Imtech NV.
The trustees of Royal Imtech NV confirmed that they are in exclusive negotiations with Endless LLP to acquire Imtech’s Ireland business and this transaction is expected to be completed very soon.
In a statement, Endless said that the “finalised UK deal and expected Ireland deal”, will secure funding and a long term future for Imtech UK and Ireland as an independent business led by the existing management team.
The statement added: “It will safeguard the future of around 2,500 jobs in the UK and Ireland.”
Endless 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 LLP portfolio to more than £3bn. Paul Kavanagh, managing director of Imtech, 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.”
A spokesman from Endless 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.”
Endless was advised by Walker Morris and Imtech UK was advised by PWC and Addleshaw Goddard. Endless, which was co-founded by Garry Wilson and Darren Forshaw in 2005, made its name doing turnaround work on companies such as Crown Paints.