Turkish company Cisma is to take a 94.7% stake in the Fermanagh-based building supplies company Mannok which is made up of businesses that formed part of the former Quinn Group of companies.
Mannok’s key activities include the manufacture of cement, concrete, quarry and aggregate products and insulation materials, as well as the manufacturing of packaging products, mainly for the food industry. It rebranded from Quinn Industrial Holdings in 2020.
It was acquired in December 2014 by an investor group. Its operations are largely based in Ireland, both north and south of the border. In 2023, the company reported earnings before deductions of €44.9m on a turnover of €311.9m.
This deal values the Mannok company at €330m. The local Mannok leadership team will retain a 5.3% interest in the company.
Chief executive of Mannok Dara O’Reilly said securing a “long-term, strategic, well capitalised owner of scale” is the “right move” for the company.
Under the agreement, which is still subject to regulatory approval, the Mannok brand will be retained as a growth hub for Cimsa and Sabanci in Ireland and the UK, and the business will continue to be led by local management.
Mannok employs approximately 800 staff across two key divisions – building products and packaging.
Cisma is a subsidiary of publicly listed global conglomerate Sabanci Holdings. Sabanci employs over 60,000 people in 14 countries.
It is involved in a wide range of business activities including cement and building materials, energy and climate technologies, industrials, banking and financial services, retail and digital sectors. In 2023, Sabancı delivered combined revenue of €31.5bn and consolidated net income of €600m.
Chief executive of Cisma Umut Zenar this agreement marks the “beginning of a new era for Mannok”.
“At Cimsa 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,” he said.
“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.”