A significant shift in the building materials sector has occurred as a Turkish company acquires a major share in Mannok.
- Cimsa, under Sabanci Holdings, secures 94.7% of Mannok, valuing it at €330m.
- Mannok’s leadership retains 5.3%, ensuring local management continues.
- This marks Cimsa’s third major purchase in three years, following Spain and the USA.
- Mannok brand will remain, aiding expansion in Ireland and the UK.
A significant shift in the building materials sector unfolds with the acquisition of a major stake in Mannok by Cimsa, a subsidiary of Turkish conglomerate Sabanci Holdings. The deal involves Cimsa acquiring 94.7% of Mannok for an overall enterprise value of €330 million, while the remaining 5.3% stays with the current Mannok leadership, securing continuity in local management.
Mannok, formerly known as Quinn Building Products, has undergone a major transformation since the rebranding in 2020. The company reported an EBITDA of €44.9 million on a turnover of €311.9 million in 2023, demonstrating its robust financial standing. The acquisition positions Mannok as a central growth hub for Cimsa and Sabanci in both Ireland and the UK.
This acquisition represents Cimsa’s third major international purchase in recent years. Previous investments include significant stakes in companies in Spain and the USA, reflecting Cimsa’s strategic expansion into Western Europe. Employing around 800 staff, Mannok operates in two divisions: Building Products and Packaging. Key activities include cement production, concrete, quarry and aggregate products, insulation materials, and food packaging products.
Cimsa chief executive Umut Zenar expressed optimism about the acquisition, viewing it as the start of a new era for Mannok. “We believe this agreement marks the beginning of a new era for Mannok,” Zenar stated. According to Zenar, Mannok’s strategic location provides a gateway to both UK and EU markets, integral for expanding Cimsa’s footprint in Western Europe. The acquisition is also expected to create employment opportunities and foster career development within the region.
Mannok chairman, Adrian Barden, highlighted the strategic fit of Cimsa and Sabanci as new owners, noting their diverse interests and sustainability credentials as key advantages. Mannok CEO Dara O’Reilly acknowledged past investors’ support, particularly Brigade Capital Management, and expressed enthusiasm for collaborating with Sabanci. O’Reilly noted the acquisition’s strategic nature, ideally positioning Mannok for further growth with a solid capital base.
The acquisition of Mannok by Cimsa heralds a new chapter of strategic growth for both entities within the building materials sector.
