‘Nothing ruled in or out’ on future of Mannok ownership
PROGESS Company ‘better invested’ now than ever
Mannok says work to secure new investment into the company is continuing and “nothing has been ruled in or out” when it comes to the future ownership of the business.
In its performance review published last month, the company said it had engaged investment bank Evercore Partners International LLP to “attract new capital into the business and to accommodate changes to Mannok’s shareholder base over time”.
At the time it said the move was in a bid to “evaluate the optimum financing solutions to drive this unprecedented level of investment”. It followed Mannok’s announcement of over €200 million in decarbonisation measures to offset its climate impact.
Work has been ongoing on the programme since, with a spokesperson for the Derrylin based company confirming such in a statement to the Celt this week: “As previously outlined, the Evercore process now underway is likely to attract new capital into the business and to accommodate changes to Mannok’s shareholder base over time.
“Mannok will continue to keep staff and other stakeholders updated as appropriate, but at this point nothing has been decided and nothing has been ruled in or out.”
The spokesperson said the company is “now better invested than at any time in its history” and, despite the challenges posed by Covid, it has “just come through its seventh successive year of strong profitability”.
It’s understood three hedge funds, Silver Point, Brigade Capital and Contrarian Capital, own just over three quarters of the former Quinn company. The remainder is owned by management and other investors.
In its performance review published in early May, Mannok said the rising cost of materials and inflation had impacted the business but it still saw its revenue rise by 16% over 2021.
Energy costs alone increased by 66% over the year. It said increased costs were absorbed by the company rather than passed on to customers.
Revenue increased from €233.2m to €269.9m, which the company said reflected “good growth and customer demand”.
The news comes as the region’s top Garda warned “there are consequences to actions” after reports of threats against directors of Mannok.
Chief Superintendent Alan McGovern made the comments as Gardaí and the PSNI stepped up security operations after information came to light.
It follows the brutal 2019 attack on Kevin Lunney, which saw him left badly injured after he was abducted from close to his home.
Three men are currently appealing the convictions they received in the Special Criminal Court last year.