Texas billionaire William Harrison has followed up on his recent investment in Leo Lynch by acquiring Jones Engineering.
The purchase is being effected through Harrison’s investment vehicle Cathexis Holdings LP. Deal consideration was not disclosed.
Jones Engineering had 2021 turnover of c.€900m and employs over 4,600 people globally.
The group, founded in 1890, is a leading mechanical, electrical and fire protection contractor operating throughout Ireland, the United Kingdom, Europe, the Middle East and South Africa.
The company is engaged in a wide range of engineering and building services including design, project management and installation working with a blue-chip client base across 19 countries.
In Association with
Eric Kinsella, majority shareholder and chairman, commented: “Jones Engineering is proud of our heritage and of our reputation as a leading international engineering services contractor for major infrastructure projects in the pharmaceutical, IT and data centre industries.
“We have experienced strong and continuous growth over the past 30 years of our stewardship.
“We selected Cathexis as the new owner for the Group given our shared vision of growing our operations to take advantage of huge opportunities in Ireland and globally for the services we offer."
Jim Curley, CEO of Jones Engineering, added: “We were impressed by the commitment of Cathexis and believe they are best placed to lead the company into the future for the benefit of both our employees and our clients.
“Our clients will benefit from the ability of the company to leverage the financial strength and strategic capabilities of an international investor, while our employees will benefit from Cathexis’ commitment to investment in the continued success and growth of the company.”
In a statement, Cathexis said it has identified Europe as a key investment target.
“The construction market has been central to the region’s economic success and Cathexis has a strong conviction for the future growth of the industry.
“The acquisition of Jones Engineering provides a unique opportunity to invest in a leading international player in its sector and provides a significant platform for future growth across the region.
“Supported by our deep financial resources and experience of scaling companies, we believe that further investment in both Jones Engineering and Leo Lynch will allow for growth both domestically and internationally.
“We recognise the strong Irish heritage of both businesses and Cathexis will respect this as it targets ambitious growth in the future.”
According to Renatus, Jones Group was advised by a McCann FitzGerald team consisting of Stephen Fuller, Brendan Murphy, Riccardo Savona Siemens, Amy Ryan, Aoife McCarthy and Niamh O'Leary, together with Laura Treacy, Donal Hamilton and Alan Heuston.
Cathexis received corporate finance counsel from an EY team consisting of Tom Watson, Dan Villarreal Flores, Chinmay Punekar and Abha Dhawan. The US buyer’s legal adviser was a Pinsent Masons team consisting of Gerry Beausang, Gavin Hickey, Connall Ennis and Rob Hutchings.
The acquisitions of Jones Engineering and Leo Lynch are conditional on approval from the relevant regulatory authorities.
