Sabanci Holdings has bought a majority stake in Mannok, once the prized firm of Seán Quinn – and since a victim of several attacks and sabotage attempts.
Turkish conglomerate Sabanci has bought a 94.7% stake in the building products firm Mannok, based in the Northern Irish county of Fermanagh.
The local Mannok team will retain the remaining 5.3% slice in the deal, which values the business at €330m.
The firm was formerly the jewel in the crown of the Quinn Group, a group of businesses owned by the Fermanagh-born tycoon Seán Quinn.
The entrepreneur, once the richest man in the Republic of Ireland, lost control of the business in 2011 after sinking billions in shares in Anglo Irish Bank.
Since Quinn was stripped of Mannok, the firm and some of its staff have been targeted in a series of intimidatory attacks and sabotage attempts.
In 2019, Chief operating officer Kevin Lunney was abducted from his home, beaten, and assailants cut the letters QIH (Quinn Industrial Holdings) into his chest.
There have been around 70 attacks on Mannok Holdings and those linked to the group since Quinn’s forced departure.
The ousted boss has condemned the violence on numerous occasions and asserted that he has nothing to do with the attacks.
The Turkish firm now acquiring Mannok is a subsidiary of Cimsa which is part of the Istanbul-headquartered Sabanci Group.
Despite the sale, Mannok will continue to be led by local management.
“We believe this agreement marks the beginning of a new era for Mannok,” said Cimsa CEO Umut Zenar.
“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.”
CEO of Mannok Dara O’Reilly commented: “At this stage of our development, securing a long term, strategic, well capitalised owner of scale, is the right move for Mannok and we look forward to working with our new colleagues at Sabanci.”
The Northern Irish building firm employs around 800 people and has production sites and distribution networks in the Republic of Ireland and across the United Kingdom.
Mannok’s turnover amounted to €311.9m in 2023, 1.8% lower than the previous year.
ADVERTISEMENTEBITDA (earnings before interest, taxes, depreciation, and amortisation) came in at €44.9m, a 74% yearly jump.
The Sabanci Group, meanwhile, employs more than 60,000 people in 14 countries.
The deal marks Cimsa’s third major investment in the past three years, following recent deals in Spain and the US.