Imtech UK has reached a deal to refinance the business with investment from private equity firm Endless LLP.
Endless is also expected to announce a completed deal to buy Imtech’s Ireland business imminently.
Imtech UK and Ireland will run as an independent business and the management team will stay in place with 2,500 jobs secured.
Imtech managing director Paul Kavanagh said: “We are delighted to be securing existing jobs and a long term future for Imtech UK and Ireland. The business remains in a good position, with a significant order book and large projects to deliver for our clients. With the existing management team in place we are confident we can continue to grow the business.”
A spokesperson from Endless LLP said: “Imtech UK and 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. That was caused by troubles at the German subsidiary. We are moving quickly to provide Paul and his team with the funds they need to get this profitable business back to normality and properly capitalised again. We look forward to helping them grow their business in the coming years.”
Imtech UK and Ireland will take the revenues across the Endless portfolio to more than £3bn. The deal follows the bankruptcy of Royal Imtech NV.