John Sisk & Son has reached an agreement to acquire Farrans Construction, the Northern Irish building and civil engineering contractor, from CRH.
Farrans will continue to trade under its own name and all its project operations will continue as normal following the sale, which is subject to relevant regulatory approval.
“This is a positive development for Farrans, and we believe that Sisk is the right strategic fit for our business as we look to the future," said Dominic Lavery, managing director of Farrans.
"We’re pleased that Farrans' people, culture, and brand will be retained, and we look forward to working together to deliver for our clients across the UK and Ireland.”
Terms of the deal have not been disclosed, but Sisk expects it to "unlock new opportunities for delivering major infrastructure projects across the UK and Ireland."
“The acquisition of Farrans represents an excellent opportunity for Sisk to broaden its sectoral reach across the UK and Ireland," said Paul Brown, chief executive of Sisk.
"Their strong reputation and track record in delivering complex infrastructure projects aligns well with our strategic growth ambitions.
"This acquisition creates significant opportunity to capitalise on the growing aviation, energy, water and utility sector markets, leveraging the combined capability and highly skilled workforce.”
The latest available accounts for Sicon Ltd, the holding company for Sisk, show that turnover increased 43% to €2.5bn in 2023. Pre-tax profit more than tripled from €11.5m to €35.9m.
Sisk's projects ioncluded the now opened Dunkettle interchange in Cork, the Foynes-Limerick rail line, the Vantage date centre campus in Dublin and the redevelopment of the glass bottle site on the Poolbeg peninsula.
In the UK, Sisk is working on the expansion of Manchester City's Etihad Stadium as well the construction of a new ferry terminal in Liverpool for the Isle of Man government.
CRH, which now trades on the New York stock exchange after delisting in Dublin, originally put Farrans up for sale in late 2022 following a strategic review.
Northstone (NI) Ltd, CRH's business in Northern Ireland, which includes Farrans, reported turnover of £512.5m and profit of £4.5m in 2023, representing annual declines of 5.1% and 17%, respectively.
The group, which also includes manufacturing and quarrying businesses separate to Farrans, employs around 1,500 people and has shareholders' funds of £19.5m, down 86% from £139.1m in 2022, according to the latest accounts.
(Pic: Supplied)
