Suir Engineering was acquired by UK private equity firm Duke Street.
Headquartered in Waterford, uir employs 1,300 people. It was a joint subsidiary of energy services company Dalkia and EDF Energy.
Duke Street’s acquisition of Suir is the private equity firm’s latest investment in industrial services, with the group having invested €2.5 billion in over 50 companies since 1997.
The value of the deal was not disclosed. The transaction also included an investment from Suir Engineering’s current senior management team.
Operations will continue as usual from Suir’s base in Waterford, as well as the other locations in Dublin, Stockholm, Copenhagen and Frankfurt.
Suir was founded almost four decades ago and today has an annual turnover of around 300 million euros. The company’s core industries include pharmaceuticals, energy and data centers.
“The Company has a highly skilled workforce, an extremely strong safety record and a healthy pipeline of projects across Europe in all of its highly attractive end sectors,” said Paul Adams, Partner at Duke Street.
“We are impressed by Suir’s growth strategy and look forward to actively supporting the existing management team in realizing their ambitious plans,” he added.
“Together we will accelerate Suir’s growth by investing in people and expanding the business offering to include more international work in key client sectors such as technology, renewable energy and life sciences,” said Suir CEO Michael Kennedy.
https://www.independent.ie/business/irish/suir-engineering-acquired-by-uk-private-equity-group-duke-street-42142495.html British private equity group Duke Street acquires Suir Engineering