Outsource giant Noonan sold to South African firm for £157m
Outsourcing giant Noonan - which employs around 2,600 workers in Northern Ireland - has been sold for €175m (£157m).
It's being taken over by South African firm Bidvest, which will acquire the entire shareholding in the company.
The Noonan group, which bought Northern Ireland outsourcing firm Resource in 2014, employs 13,000 across the UK and Ireland, including facilities management, security and environmental services.
Some of its Northern Ireland work includes cleaning services for Translink trains. The deal is expected to be completed in the third quarter. John O'Donoghue, Noonan chief executive, will continue to lead the firm.
Noonan saw its revenue rise from €203m (£182m) to €303m (£271m) in 2015. Mr O'Donoghue said: "Our strategy and the substantial investment in our business and brand, coupled with the strong commitment of management and our employees, have allowed us to consistently outperform the market and to continuously enhance the services we provide to our clients."
Lindsay Ralphs, chief executive of Bidvest group, said: "We believe there is a great market opportunity to grow the business further and look forward to working with the Noonan team to build on the successes they have achieved in recent years."