Sean Quinn allies clinch deal on parts of his former empire
The €90m (£72m) private equity-led deal by allies of Sean Quinn to buy back parts of his former empire in Fermanagh and Cavan should complete "by the end of September," the businessman leading the deal has said.
Private equity house Endless LLP and a consortium calling itself Quinn Business Retention Company are finishing due diligence into the packaging and construction industry supplies businesses in Ballyconnell, Co Cavan, Derrylin in Co Fermanagh and in Longford.
The deal, which the consortium has said company founder and fallen tycoon Sean Quinn is not involved in, is being completed with Aventas – the new name for Quinn since it was taken over by Irish Bank Resolution Corporation.
The consortium, backed by Endless, is led by John McCartin, a Fine Gael councillor in Co Leitrim and head of Newtowngore Engineering, and fellow businessmen John O'Hagan and Ernie Fisher. Former Quinn Group executives are also involved – and former chief executive Liam McCaffrey is to lead the new business.
Mr McCartin told the Belfast Telegraph yesterday: "We expect there will be no problems and the parties are working through their due diligence. QBRC is happy to proceed and we believe that the company Aventas is happy to proceed."
Mr McCartin said things were now quiet after a catalogue of protests and acts of sabotage on former Quinn businesses following the ousting of Sean Quinn and his family three years ago.
He said: "The mandate we have from the community and the expectations of it haven't changed, and we are proceeding with the deal according to the memorandum of understanding which we reached with Aventas."
He said the efforts of the consortium had been "entirely focused" on the present deal, and the team hadn't considered seeking control of any of the other Quinn businesses, which include glass and radiator operations.
And despite the protests against the Quinn businesses, Endless LLP – which is led by Northern Ireland-born Garry Wilson – is believed to regard growth prospects for the businesses as good as the construction sector and economy in the UK and Ireland improve.