Imtech UK has announced that it has concluded a deal to refinance its business through an investment from private equity firm Endless LLP.
The announcement comes following exclusive talks between Imtech UK, Endless LLP and the trustees involved in the bankruptcy of Royal Imtech NV. The trustees of Royal Imtech NV recently 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.
The finalised UK deal and expected Ireland deal, will secure funding and a long term future for Imtech UK & Ireland as an independent business led by the existing management team, safeguarding the future of approximately 2,500 jobs in the UK and Ireland.
However, Imtech UK’s loss-making water, energy and waste division, formerly known as Imtech Process, was excluded from the deal and has gone into administration - it is understood that administrators from PwC will now seek to trading out remaining contracts with the firm. Imtech WWE is involved in a number of AMP6 Tier 1 delivery alliances, including the LiMA joint venture between Imtech WWE, Laing O'Rourke and Atkins working for United Utilities and an alliance with Galliford Try working for Southern Water.
Endless LLP is a private equity fund backed by blue chip US, European and UK institutions with approximately £1 billion in funds under management. Imtech UK & Ireland will take the revenues across the Endless LLP portfolio to over £3 billion.
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 spokesperson from Endless LLP 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"
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