Jones Engineering with a turnover of more than €930m for 2021 has been acquired by US-based investment firm Cathexis Holdings for an undisclosed sum.
The Cathexis Jones Engineering deal follows Cathexis’ recent move to make a strategic investment in mechanical and electrical engineering contractor Leo Lynch.
Jones Engineering has operations in Ireland, the UK, Europe, the Middle East and South Africa and employs 4,600 people. The company, founded in 1890, is based in Ireland and retains a strong local heritage despite its global footprint. It operates in a broad range of sectors including life sciences, data centres, industrial, food and beverage, offices and renewable energy.
The Jones Engineering and Leo Lynch deals are conditional on approval from the relevant regulatory authorities.
Cathexis Jones Engineering deal
Cathexis said it has identified Europe as a key investment target, noting that the construction market has been central to the region’s economic success.
“The acquisition of Jones Engineering provides a unique opportunity to invest in a leading international player in its sector and provides a significant platform for future growth across the region,” the company said. “Cathexis is committed to the growth of Jones Engineering and Leo Lynch. The financial backing and capabilities of Cathexis will enhance the ability of both companies to expand their presence domestically and internationally,” it said.
“Supported by our deep financial resources and experience of scaling companies, we believe that further investment in both Jones Engineering and Leo Lynch will allow for growth both domestically and internationally. We recognise the strong Irish heritage of both businesses and Cathexis will respect this as it targets ambitious growth in the future,” it added.
Jim Curley, CEO, Jones Engineering, said the company was impressed by the commitment of Cathexis and believes they are best placed to lead the company into the future for the benefit of both its employees and its clients.
“Our clients will benefit from the ability of the company to leverage the financial strength and strategic capabilities of an international investor while our employees will benefit from Cathexis’ commitment to investment in the continued success and growth of the company,” he added.