Irish company Jones Engineering has been acquired by US group Cathexis Holdings in what is believed to be a deal worth more than €1 billion.
The group’s chairman and majority shareholder, Eric Kinsella, as well as chief executive Jim Curley, who is the company’s second largest shareholder, are to leave the company following the deal.
Jones Engineering is a global company that focuses on large-scale infrastructure projects in the pharmaceutical, healthcare, IT and data-centre industries. It generates about half of its revenue from overseas.
The group employs 4,600 people. Latest accounts for Jones Engineering Holdings Ltd show it recorded turnover of €726 million in 2020, with a pretax profit of just under €60 million. The company paid a dividend of €35 million during the year.
In a statement announcing the deal, the company said it recorded a turnover in excess of €900 million in 2021.
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 added.
Jim Curley, CEO, Jones Engineering, said the company was impressed by the commitment of Cathexis and believes 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.