Facilities management services firm Noonan has been sold to the South African-headquartered group Bidvest for €175m.

The deal is expected to close during the third quarter of the year.

The existing Noonan management team, led by CEO John O’Donoghue, will stay in place.

Noonan operates facilities management services across the UK and Ireland and has more than 13,000 employees.

Commenting on the deal, CEO of Bidvest Group Lindsay Ralphs said: "We are delighted to have completed this acquisition, which provides us with a unique opportunity and platform to establish a strong presence in the Irish and UK markets.

"Noonan has an excellent team of people who share our passion and reputation for professionalism, innovation and excellence in the way we deliver service to our clients.

"We believe there is a great market opportunity to grow the business further and look forward to working with the Noonan team to build on the successes they have achieved in recent years to drive superior business performance, grow market share and expand services to clients."

Noonan CEO John O’Donoghue welcomed Bidvest "as our new owners".

He added: "Our strategy and the substantial investment in our business and brand, coupled with the strong commitment of management and our employees, have allowed us to consistently outperform the market and to continuously enhance the services we provide to our clients."