Quinn Cement may be back in the hands of some of its old management team within two months, after a team of former executives of the group and a UK private equity house approached Aventas Manufacturing Group to strike a deal for the Construction Industry Supplies (CIS) and packaging businesses. Aventas took over much of the Quinn business after it went into receivership three years ago over debts to the former Anglo Irish Bank. Sean Quinn is said to offer nothing more than moral support to the deal and will have no involvement in the reclaimed business.
The Quinn Business Retention Company (QBRC) is headed by Liam McCaffrey, who used to serve as Sean Quinn’s number two. McCaffrey told The Belfast Telegraph “We are delighted to have reached an agreement with Aventas for the acquisition of the Construction Industry Supplies (CIS) and packaging businesses and are excited with the prospect of returning to these businesses that we have previously worked in and managed.”
The deal includes cement, Tarmac, roof tiles and packaging manufacturing operations in Derrylin (Co Fermanagh), Ballyconnell (Co Cavan) and Granard (Co Longford). It is expected to be finalised before the end of September. Upon completion, QBRC would hope to buy out its investors and take full control of the business within five years.
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