Turkish firm acquires full control of Mannok

The acquisition of Mannok by a Turkish company will have “no impact on the leadership or operations” at local facilities, company management has assured.

Turkish building materials giant Çimsa tied up a multi-million euro deal to take full ownership of the local business this week. The firm agreed to acquire the remaining 5.3% stake in Mannok through its Irish subsidiary for €20.5M.

“This marks completion of the transaction, following which Mannok is now a wholly owned subsidiary of Cimsa,” a Mannok spokesman confirmed.

The Turkish conglomerate acquired a 94.7% stake in the company in August 2024 in a deal valuing the business at €330M. At the time of the original acquisition, the remaining 5.3% shareholding was retained by Mannok’s local leadership team, headed by former chief financial officer Dara O’Reilly, who succeeded retiring chief executive Liam McCaffrey, alongside chief operating officer Kevin Lunney.

Under the original agreement, the Mannok brand was retained.

Employing approximately 800 people, Mannok operates two divisions - Building Products and Packaging - serving markets across Ireland and the UK.

Its activities include the manufacture of cement, concrete, quarry and aggregate products, insulation materials and packaging products primarily for the food industry.

Headquartered in Derrylin, Mannok’s roots trace back to the former Quinn Group empire established by Ballyconnell businessman Seán Quinn, who lost control in 2011 following a failed multibillion-euro investment in Anglo Irish Bank shares during the financial crisis.

The assets were subsequently renamed Aventas in 2013 before being bought out of receivership in 2014 by a local consortium backed by US hedge funds Brigade Capital, Contrarian Capital and Silver Point Capital.

The business rebranded as Mannok in 2020.

Founded in Mersin in 1972, Çimsa has expanded internationally in recent years, with manufacturing operations in Turkey, Spain and the United States, alongside logistics terminals in Germany, Spain, Italy and Northern Cyprus.

The company reported strong growth in 2025, with consolidated sales volumes rising 26%, driven by a 55% increase in international operations.