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Tue August 16 2022

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Private equity firm set to take over Imtech UK & Ireland

27 Aug 15 Private equity firm Endless LLP is in exclusive talks to take over the UK and Irish operations of M&E contractor Imtech.

With its Dutch parent company in administration, Imtech UK & Ireland has been seeking new owners. Trustees (administrators) for the group have now sold shares in Imtech Industry International BV and Ventilex BV shares to Techim BV.

The assets and activities of the bankrupt company Imtech Building Services BV is being sold in parts. Unica has acquired the contracts for the Sprinkleractiviteiten (sprinkler activities), Beheer en Onderhoud (management and maintenance) and Klein Specifiek Werk (small specific work) activities, with a total turnover value of €150m a year.

Last week Imtech Belgium Holding BV was sold to Cordeel Groep and Agta Record AG took over Imtech Toegangstechniek BV.

A precisely worded statement from the parent company yesterday indicated that Endless LLP was likely to buy the Irish business Imtech Suir Engineering Ltd and its Middle East subsidiaries, but might only acquire the assets of Imtech UK rather than the entire business.

The statement said: “The trustees are in exclusive negotiations with private equity firm Endless LLP and the Imtech management regarding Imtech Ireland. Endless LLP wishes to acquire the shares in Imtech Suir Engineering Ltd and its subsidiaries Imtech Suir MEC Ltd, Imtech Suir Saoudi Arabia LLC and Imtech Suir Quatar LLC. Endless LLP is also interested in the activities of Imtech UK.”

A non-disclosure agreement has been signed with five parties in connection with the negotiations on the sale of the shares in the Spanish operating companies.

The aim is to complete a deal before the weekend is out. Trustee Jeroen Princen said: “We are hopeful that we can conclude the sale of divisions before next Monday. It is important that clients and employees have clarity as quickly as possible. We are working day and night and doing our utmost to make that happen.”

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