Cimsa, a subsidiary of the Turkish multinational Sabanci Holdings, has confirmed the acquisition of nearly 95% stake in Mannok, previously recognized as Quinn Industrial Holdings. The manufacturing firm, based in Fermanagh, has been acquired for a sum of €330 million in a deal that continues Cimsa’s investing spree in the last three years, with significant investments made in Spain and the US.
Known for producing building materials and food packaging, much of Mannok is possessed by hedge funds. Following its previous misfortunes, the Quinn family lost the operation of the enterprise around 10 years ago. The current administrative group at Mannok will keep a stake of 5.3% post the deal’s completion with Cimsa.
The agreement ensures the continuance of the Mannok brand, which will serve as a growth centre for both Cimsa and Sabanci within the markets of Ireland and the UK. The enterprise will persist under the leadership of the local administrative team. This move confirms Cimsa’s aspiration to evolve into a substantial contributor in the Irish and British markets.
Mannok, with a payroll of nearly 800 employees, is divided into two sectors – building products and packaging – both directed towards the markets in Britain and Ireland. The firm’s principal operations involve manufacturing cement, concrete, quarry and aggregate products, insulation materials, and packaging goods, the latter predominantly for the food industry.