A JOINT venture company has bought a technical services firm from a Yorkshire-based private equity investor that specialises in buyouts and turnarounds.
EDF Energy Services, a joint venture between EDF Energy and Dalkia, has agreed to acquire Imtech UK and Ireland from Leeds-based Endless for an undisclosed sum.
Imtech, which employs around 2,100 staff, provides technical services to construction, industrial, commercial and public sector clients in the UK and Ireland.
Completion of the deal is subject to merger control clearance from the European Commission.
Imtech generates annual revenues of more than £400m. It delivers mechanical and electrical engineering services and is also responsible for technical operations and the management of facilities.
EDF said that the backing and expertise of the EDF Group will enable Imtech UK and Ireland to keep growing across all its business, including its low carbon services.
Vincent de Rivaz, the chief executive of EDF Energy, said: “As the UK’s leading generator of low carbon electricity and a major supplier to businesses, the addition of Imtech is a significant step in the development of energy services and low carbon solutions for our valued customers.
“This agreement is a key element of our strategy for long-term growth and investment, and a further demonstration of our commitment and support for British businesses and industries.
“We are delighted to welcome the 2,100 employees of Imtech. There is a close fit between the two businesses with our shared passion for safety, innovation, digital solutions and quality of service for customers.”
Sylvie Jehanno, the chief executive of Dalkia, added: “The acquisition of Imtech UK and Ireland by our joint venture is another major step towards meeting our international growth ambition.”
Paul Kavanagh, the chief executive of Imtech UK and Ireland, added: “We are delighted to become part of the EDF family. The support of EDF Energy Services strengthens our capacity to continue to grow and build on our relationships with new and existing customers in the years ahead.
“I would like to recognise the support our customers have given the business over many years and we look forward to continuing to partner with them.
“By combining forces with EDF Energy Services, we have secured greater capability to respond to the future needs of our customers, and will be able to design and deliver innovative solutions.
“Endless has been a great owner of Imtech and I would like to thank them for all their support and input over the last two years.”
Aidan Robson, a partner at Endless, said: “We are tremendously proud to have partnered with Imtech over the last two years.
“The business has outperformed on every metric, which is an outstanding achievement and demonstrates the strength of the team and business we are now passing on. EDF will enable the business to continue to grow and offers a fantastic future for the company’s employees.
“We wish Paul Kavanagh and the whole Imtech team along with their new owners, EDF, all the best for the future and thank them for their outstanding efforts and commitment.”
Imtech UK concluded a deal to refinance its business through an investment from Endless in late August 2015.
The announcement followed exclusive talks between Imtech UK, Endless and the trustees involved in the bankruptcy of Royal Imtech NV.
At the time, a spokesman for Endless said: “Imtech UK & Ireland are profitable, well-run businesses which through no fault of their own have experienced a short period of uncertainty following their Dutch parent’s insolvency.”
Endless is a private equity fund, backed by blue chip US, European and UK institutions, which was founded in 2005.