Cimsa, part of Sabanci Holdings, has reached agreement to acquire 94.7 per cent of Ireland-based cement producer Mannok for an overall enterprise value of EUR330m. The local Mannok leadership team will retain a 5.3 per cent interest.
Under the agreement, which is subject to customary approvals, the Mannok brand will be retained as a growth hub for Cimsa and Sabanci in Ireland and the UK, and the business will continue to be led by local management. This agreement marks Cimsa’s third major investment in the past three years, following recent investments in Spain and the US, and underpins its ambition to become a larger-scale player in the UK and Irish markets.
Umut Zenar, CEO of Cimsa, said: “We believe this agreement marks the beginning of a new era for Mannok. At Cimsa our model is to back great local businesses and management, and we look forward to creating new employment opportunities in the region as we support Mannok’s continuing growth and sustainability ambitions. Given its border location, Mannok has unique access to UK and EU markets, and we see it as a key stepping stone in expanding our footprint in Western Europe. For Mannok staff, joining the Sabanci ecosystem will also present a world of opportunity for career development and progression and exposure to innovation in product development, sustainability, and digitalisation.”
Adrian Barden, Mannok's chairman, added: “Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how. The Group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business. We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitions.”
