Sean Quinn's former Fermanagh building firm bought for €330million
Sean Quinn's former business has been acquired by a Turkish conglomerate in a multi-million euro deal.
Cimsa has agreed to pay €330million (£278m) for a 94.7% stake of Mannok with the current directors holding the remaining share.
Mannok manufactures cement, concrete, quarry and aggregate products, as well as producing food packaging.
The Fermanagh-based building materials firm was a major component of ex-billionaire Sean Quinn's business empire.
The firm employs more than 800 people north and south of the border, and has a comprehensive sales and distribution network across the UK.
The company will continue to be managed locally and the existing leadership team will retain a 5.3% share in the firm.
New owner Cimsa is part of Turkish listed Sabanci, a multi-national conglomerate which employs over 60,000 people across five continents. In 2023, the parent company reported a combined revenue of €31.5billion.
Umut Zenar, CEO of Cimsa said: “We believe this agreement marks the beginning of a new era for Mannok.
"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.
"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.”
Adrian Barden, Chairman of Mannok said: “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.
"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.
"We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitions."
Who is Sean Quinn?
Sean Quinn was once the richest man in Ireland. In 2008, when he made the Forbes rich list, his net worth was estimated as more than £3bn.
Mr Quinn was a self-made man who built his business empire by selling gravel quarried from his family's farm in Derrylin.
The Quinn Group started out manufacturing and supplying building products, glass and plastics. Quinn eventually moved into insurance, hotels and property development during Ireland's Celtic Tiger financial boom.
Quinn was a major investor in Anglo Irish Bank, building up a 25% stake.
The investment backfired following the financial crash of 2008. Anglo Irish Bank was saved from bankruptcy by a taxpayer bailout and nationalised in 2009.
Mr Quinn served a period of time in jail for contempt of court after allegedly engaging in asset-stripping by directing payments away from the Quinn Group before he lost control of the company in 2011.
Quinn declared bankruptcy in 2012.
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