LEEDS private equity house Endless is in exclusive talks to back an MBO of Imtech’s Irish business from the crisis-hit group.
Imtech, a Dutch technical services provider which works in 35 countries, is being broken up after the group collapsed.
Royal Imtech was declared bankrupt last week, days after its German division announced it was insolvent. The group has been plagued for two years by a crisis which began with a 100m-euro depreciation from a Polish theme park built by Imtech Germany. Subsequent investigations revealed fraud that, when announced, wiped one billion euros off its stock market value and the group has struggled ever since.
Although Imtech UK and Ireland continues to trade as normal and is under the sole control of the UK management team, the company had said it was “assessing longer-term options”.
Imtech’s trustees are in exclusive negotiations with Endless and the Imtech management regarding Imtech Ireland. Endless is also looking at Imtech’s UK, Saudi Arabia and Qatar operations.
Imtech trustee Jeroen Princen said: “We are hopeful that we can conclude the sale of divisions before next Monday. It is important that clients and employees have clarity as quickly as possible. We are working day and night and doing our utmost to make that happen.”
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