2,500 jobs safeguarded after Endless backs MBO from bankrupt parent group

ENDLESS has backed the MBO of Imtech UK from its bankrupt Dutch parent to safeguard 2,500 jobs at the technical services provider.
The new business will be led by managing director Paul Kavanagh and is expected to also include the Irish division of Imlech once a separate deal is concluded.
“The business remains in a good position, with a significant order book and large projects to deliver for our clients,” said Mr Kavanagh. “With the existing management team in place we are confident we can continue to grow the business.”
The break-up of the global group, which operates in 35 countries, comes after the group collapsed earlier this month.
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.
“Imtech UK & Ireland are profitable, well run businesses which through no fault of their own have experienced a short period of uncertainty following their Dutch parent’s insolvency,” said an Endless spokesperson. 
“That was caused by troubles at the German subsidiary. We are moving quickly to provide Paul and his team with the funds they need to get this profitable business back to normality and properly capitalised again. We look forward to helping them grow their business in the coming years.”
It is the seventh investment in five months for Endless, which has quickly started putting its £525m Fund IV to use after it was launched in April.
It backed three deals in April – travel media business Ink, communications firm Adare Group and completed its investment in road incident specialist FMG, which it then sold earlier this month to Redde – plus Charpentes Francaises and High Street TV in May and Essential Fleet Services in July.
Endless has about £1 bn in funds under management while the addition of Imtech UK & Ireland will take the revenues across its portfolio to over £3bn.
Walker Morris advised Endless on the deal while Imtech UK was advised by PWC and Addleshaw Goddard.

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