The deal is valued at around €330m and is subject to regulatory approval.
The local Mannok leadership team will retain a 5.3pc interest in the business following the acquisition. The existing management team will also continue to lead the company.
Mannok, which is headquartered in Co. Fermanagh, employs around 800 staff. Its businesses were formerly part of the Quinn group of companies which were acquired in 2014 by an investor group led by Brigade Capital Management.
It has two main divisions focused on building products and packaging.
Turnover at the group last year was €311.9m. This fell slightly from 2022 levels but the group attributed the decline to deflation for insulation and plastic packaging products in 2023.
Earnings before interest, taxes, depreciation, and amortisation (Ebitda) were up significantly to €44.9m from €25.8m a year earlier.
The agreement is Cimsa’s third major investment in the past three years as it focuses on growing in the Irish and UK markets.
It follows investments in Spain and the US.
Cimsa is a subsidiary of global conglomerate Sabanci which employs more than 60,000 people in 14 countries. The group is active in a number of sectors including building materials, cement, energy, industrials, banking and financial services, as well as retail.
Sabanci recorded combined revenue of €31.5bn in 2023.
“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.” Cimsa chief executive Umut Zenar said.
“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,” he added.
Mannok chief executive Dara O’Reilly said that securing a “a long term, strategic, well capitalised owner of scale” is the right move for the company.
“Investor Group backing and the support and commitment of our customers and our 800 staff are the reason Mannok has grown and prospered, and why we are now optimally positioned for a new chapter of growth,” he added.
