Meath-based MTM Engineering expects to add €20m in recurring annual revenues after acquiring CET Connect.
Terms of the deal were undisclosed, but MTM expect it "cements its position as a leader in cabling services".
The data centre cabling company's headcount will grow to over 650 after absorbing structured cabling and fibre optic services firm.
News of the deal comes eight months after Waterland Private Equity took a controlling stake in MTM for €30m, and the company continues to seek out acquisitions to grow its position in the European market.
MTM currently employs over 550 people and has completed large-scale industrial and renewable projects in Ireland, Belgium, The Netherlands, Germany, Denmark, Finland, Sweden, Switzerland, Spain, Austria and UK.
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Sales exceeded €40m in 2021, and MTM is in the process of applying for planning permission to expand the capacity of its headquarters to facilitate the future growth of the company.
Brendan Mee, managing director of MTM Engineering, said: “CET Connect is a great business supported by a team of excellent people. This acquisition represents the continued realisation of our strategy to grow our business.
"It will add a significant service offering, cementing our position as a leader in cabling services and one of Europe’s largest specialist cabling companies. We are very excited about the future prospects for the business and look forward to working with the team to build on their successes to date.”
CET assists clients across the data centre, pharmaceutical, healthcare and commercial sectors with IT infrastructure projects, and has offices in Clonmel and Dublin as well as the UK, France, Germany, and Sweden. The company employs 100 people directly.
Seán Maher, managing director of CET Connect, said: “MTM Engineering is a great partner for our business, committed to long-term growth and development of the company, as well as our people.
"With a reputation for high standards, innovation, and trust-based relationships with clients, their values and approach are highly complementary to our business and we look forward to working with Brendan and the team to continue delivering quality service standards to our clients.
“We are delighted to join MTM Engineering and looking forward to the next phase of our growth journey together.”
Founded in 1997, MTM Engineering is a specialist electrical turnkey cable installation and termination company specialising in the pre-construction design, containment design and installation and cable installation of high voltage, medium voltage and low Voltage cables, and termination and testing of medium voltage and low voltage systems.
Operating profit at the firm grew from €3.3m to €3.8m in 2021 prior to Waterland's investment, and approximately 75% of its revenues are generated outside Ireland.
Photo: (l-r) Brendan Mee and Sean Maher.
