New roles will bring workforce to 1,000 by end of the year for Meath-based firm
Waterland Private Equity partner Laura Dillion, MTM Engineering CEO Brendan Mee, founder Martin Mee, and managing director Brian Boylan
Irish firm MTM Engineering is to create 200 jobs after completing the construction of its new headquarters in Slane, Co Meath. It will bring its workforce to about 1,000 by the end of the year.
The company, which provides critical cabling systems to data centres and other industrial sectors from renewable energy to aviation, sold a majority stake in the business in 2022 to Dutch private equity firm Waterland. It’s understood that deal was worth about €30m.
In the past three years, MTM has acquired four firms in order to expand its service offering into adjacent sectors and new markets.
In 2022, the latest year for which accounts are publicly available for the group, MTM posted revenue of €37.3m and a €3.4m operating profit. About 90pc of its revenue is generated in overseas markets and it operates in 10 countries. The firm paid €4.6m in dividends to its owners in 2022.
It has two off-site manufacturing hubs – one in Ireland and another in mainland Europe.
MTM is headed by CEO Brendan Mee – son of founders Martin and Patricia Mee – who joined the business in 2013.
“The investment represents our long-term commitment to growing both our business and our presence in the local community – as well as throughout Europe and beyond,” said the chief executive.
Mr Mee said the new roles being created by the company are in areas including engineering, operations, finance, commercial, logistic and administration.
Laura Dillon, partner at Waterland Private Equity Ireland, said that MTM has experienced “remarkable growth” in international markets.
A number of Irish firms have established leading positions in the data centre construction and installation market.
Last month, US investment giant Blackstone finalised its deal to buy a 50.7pc stake in Dublin-based data centre engineering group Winthrop Technologies.
When it was confirmed in April, the deal was said to value the Irish firm at about €800m. Filings with one company linked to the deal show that a consideration of €613m was paid for shares by Blackstone and Winthrop management in a new “topco” that was used to effect the transaction.
It’s thought that the €613m consideration excluded debt and/or surplus cash.
When Winthrop Technologies and Blackstone announced their deal earlier this year, they said the partnership would enable the Irish company to accelerate its growth trajectory, capitalising on the continuing demand for data centres.