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Saturday 18 October 2014

Nearly there it seems and about time.

£71m deal for slice of Quinn empire to be sealed in weeks

A consortium of ex-Quinn Group executives will complete a €90m (£71m) purchase of the packaging and construction parts of the former Sean Quinn empire by the end of the month.

The deal by the Quinn Business Retention Company (QBRC) will buy two parts of the business, which are based on the border between Co Fermanagh and Co Cavan.
The Quinn Group, now known as Aventas, employs 650 people in the packaging and construction arms of the company.
QBRC is owned by three businessmen – managing director of Newtowngore Engineering John McCartin, managing director of the Specialist Joinery Group John Bosco O'Hagan and former managing director of Fisher Engineering Ernie Fisher.
The men are also directors in the firm, along with the former Quinn Group executives Liam McCaffrey, Kevin Lunney and Dara O'Reilly.
Mr McCartin said the deal was at a "quite advanced" stage and that he expected it to conclude by the end of the month.
The Fine Gael councillor added: "It's just a matter of getting a share price agreement."
While Mr McCartin said Sean Quinn and the Quinn family were not part of QBRC, he could not rule out the possibility of someone from the family eventually ending up in the business.
"At this moment, Sean Quinn and the Quinns are not involved," he said. "(But) it's not my place to rule anybody out."
During the summer, Aventas recommended an initial bid from QBRC, which was backed by Endless LLP, to its shareholders, but some of them decided to reject the deal.
These shareholders, made up of around 43 US hedge funds and private equity houses, are now behind the QBRC bid.
On Monday, an investment company chaired by ex-Barlo chief executive Tony Mullins bought Quinn Radiators for an estimated €25m (£20m).
The company, which employs 16 people in Derrylin, Co Fermanagh, was sold to the Irish-owned RHP Bidco Limited.
Paul O'Brien, chief executive of Aventas Manufacturing Group, said: "This sale of Quinn Radiators is a first step in realising value for Aventas Group investors.
"We are pleased to have sold our radiators business to RHP Bidco Limited, and we wish Tony Mullins and his team every success in the future development of this business."

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