Suir Engineering, a leading provider of mechanical, electrical and instrumentation engineering services, is to be acquired by private equity group Duke Street.
Suir, which employs 1,300 people and is headquartered in Waterford, was a jointly owned subsidiary of French giants Veolia/Dalkia and EDF Energy.
The company said the transaction, which includes investment by the senior management team, will enable it to enhance the services it offers to clients, while operations will continue as normal from its main base in Waterford and its other offices in Dublin, Stockholm, Copenhagen, and Frankfurt.
Suir Engineering, which has nearly four decades of engineering expertise in its core sectors of Pharma, Energy & Utilities, Food & Beverage and Data Centres, has an annual turnover of c.€300m.
The completion of the transaction will be subject to regulatory approvals.
In Association with
Duke Street, one of Britain’s best known private equity groups, has a strong track record of investing in industrial service companies. Over the last 25 years it has invested over €2.5bn in over 50 companies.
Paul Adams, Partner at Duke Street, commented: “We are delighted to acquire a market-leading business that is a great fit for our investment programme. The Duke Street team has previous successful experience in industrial services as well as Suir’s underlying sectors.
“The company has a highly skilled workforce, an extremely strong safety record and a healthy pipeline of projects across Europe in all of its highly attractive end-sectors. We have been impressed with Suir’s growth strategy and we look forward to actively supporting the existing management team in delivering their ambitious plans.”
Michael Kennedy, managing director, Suir Engineering, stated: “Together we will accelerate Suir’s growth by investing in people and expanding the business proposition to include more international work in key client sectors such as technology, renewables, and life sciences.
“We believe this will consolidate our position as a leader in the provision of mechanical, electrical and instrumentation engineering services that are expertly delivered by our very experienced team.”
