Construction BUSINESS

Waterford company Suir Engineering has been purchased by multinational group EDF Energy Services. It has bought Suir as part of the acquisition of the Imtech UK & Ireland group from Endless, a UK private equity group that backed a management buyout of the businesses in August 2015.

Suir Engineering had turnover of €61.7m in the seven months to the end of October last year and made €1.3m pre-tax profit, according to its latest accounts. In the previous 15 months, it had turnover of €96.5m, but lost €12.7m after being hit by €15.2m in exceptional costs.

The company works on big pharma, oil and office projects and carried out the electrical fit-out of Ikea’s Dublin store. Suir’s directors said the company had a strong order book and a “healthy pipeline of projects”.

Since 2014, the Irish company has been headed by Michael Kennedy, a former managing director of rival Mercury Engineering. Kennedy was a shareholder in the Imtech UK & Ireland parent company, which is run by Irishman Paul Kavanagh.

EDF Energy Services is a joint venture between the French energy group EDF and Dalkia, an energy services and facilities management subsidiary. It said Imtech would have “operational autonomy” within the group.