Turkish firm buys 95% stake in Mannok

The deal struck is said to be valued at around €330m.

Cimsa, a subsidiary of Turkish-headquartered global conglomerate Sabanci has reached an agreement to acquire a near 94.7 per cent stake in Mannok Holdings, the former Quinn Industrials business.

The deal struck is said to be valued at around €330m.

It is subject to regulatory approval.

The existing Mannok management and owners will remain a 5.3pc interest in the business.

Headed up by former Chief Financial Officer Dara O’Reilly who took over the role of chief executive from the retiring Liam McCaffrey, it is expected that the current hierarchy will continue to lead the local business which is headquartered in near Derrylin and employs around 800 staff.

Once owned by the businessman Sean Quinn as part of the former Quinn group of companies, the companies were acquired in 2014 by an investor group led by Brigade Capital Management.

Turnover last year at Mannok, which has two main divisions focused on building products and packaging was €311.9m, a slight drop from 2022 levels. The group attributed this to deflation for insulation and plastic packaging products across the subsequent 12 month period.

Sabanci, of which Cimsa is part of, employs more than 60,000 people in 14 countries, and this is their third major investment in as many year.

The group has interests in a number of sectors including building materials, cement, energy, industrials, banking and financial services, as well as retail.

The purchase of Mannok is seen as a strategic move to increase the their footprint in Western Europe.

“At Cimsa our model is to back great local businesses and management, and we look forward to creating new employment opportunities in the region as we support Mannok’s continuing growth and sustainability ambitions,” explains Cimsa chief executive, Umut Zenar.

“Given its border location, Mannok has unique access to UK and EU markets, and we see it as a key stepping stone in expanding our footprint in Western Europe,” he added.

Mannok chief executive Dara O’Reilly considers that securing a “a long term, strategic, well capitalised owner of scale” like Cimsa is right move for the company.

“Investor Group backing and the support and commitment of our customers and our 800 staff are the reason Mannok has grown and prospered, and why we are now optimally positioned for a new chapter of growth,” he added.

“Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how,” noted Adrian Barden, chairman of Mannok.

"The group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business,” he said.