US-based investment firm Cathexis Holdings had announced a deal to buy mechanical and electrical engineering firm Jones Engineering for an undisclosed sum.
Jones Engineering is a mechanical, electrical and fire protection contractor with operations in Ireland, the UK, Europe, the Middle East and South Africa.
The company, founded in 1890, is based in Ireland and retains a strong local heritage despite its global footprint. It operates in a broad range of sectors including life sciences, data centres, industrial, food and beverage, offices and renewable energy.
Jones Engineering reported turnover of more than €900m for last year and it employs over 4,600 people globally.
Today's deal follows Cathexis' recent move to make a strategic investment in the Irish mechanical and electrical engineering contractor Leo Lynch, a rival of Jones Engineering.
Leo Lynch operates in the pharmaceutical, bio-pharmaceutical, medical devices, semi-conductor and data centre sectors. Its headquarters is located in Dublin and it also has with sites in Kilkenny and Kildare.
It reported turnover of €44m for last yaer and employs over 200 staff.
Both deals are conditional on approval from the relevant regulatory authorities.
Cathexis said it has identified Europe as a key investment target, noting that the construction market has been central to the region's economic success.
"The acquisition of Jones Engineering provides a unique opportunity to invest in a leading international player in its sector and provides a significant platform for future growth across the region," the company said.
"Cathexis is committed to the growth of Jones Engineering and Leo Lynch. The financial backing and capabilities of Cathexis will enhance the ability of both companies to expand their presence domestically and internationally," it said.
"Supported by our deep financial resources and experience of scaling companies, we believe that further investment in both Jones Engineering and Leo Lynch will allow for growth both domestically and internationally. We recognise the strong Irish heritage of both businesses and Cathexis will respect this as it targets ambitious growth in the future," it addded.
Jim Curley, CEO of Jones Engineering, said the company was impressed by the commitment of Cathexis and believe they are best placed to lead the company into the future for the benefit of both its employees and its clients.
"Our clients will benefit from the ability of the company to leverage the financial strength and strategic capabilities of an international investor while our employees will benefit from Cathexis' commitment to investment in the continued success and growth of the company," he added.
