Çimsa, a Turkey-listed global building materials company – and a subsidiary of publicly listed global conglomerate Sabanci Holdings – has agreed to acquire 94.7% of Mannok for €330 million.
Under the agreement, which is subject to customary approvals, the Mannok brand will be retained as a growth hub for Çimsa and Sabanci in Ireland and the UK. The business will continue to be led by the local management team, which will retain a 5.3% interest.
This agreement marks Çimsa’s third major investment in the past three years, following recent investments in Spain and the US, and underpins its ambition to become a major player in the UK and Irish markets.
This move is part of Çimsa’s broader transformation strategy, which it defines as “From Cement to Building Materials,” “From Local to Global,” and “From Grey to Green.” It is expected to enhance Çimsa’s product portfolio, diversify its production geography, and strengthen its local and global supply chains.
Employing approximately 800 staff, Mannok, a company with over 50 years of experience, comprises two divisions, Building Products and Packaging, which are focussed on the Island of Ireland and GB markets. Its key activities are the manufacture of cement, concrete, quarry and aggregate products, and insulation materials, as well as the manufacture of packaging products, mainly for the food industry.
Sabanci, a global conglomerate which employs over 60,000 people in 14 countries across five continents, is engaged in a wide range of business activities including: cement and building materials, energy and climate technologies, industrials, banking and financial services, retail and digital sectors.
In 2023, Sabanci delivered combined revenue of €31.5 billion and consolidated net income of €600 million. In 2022, Sabanci Group committed to a $5 billion investment in sustainability by 2027.
Commenting on the deal, Umut Zenar, CEO of Çimsa said: “We believe this agreement marks the beginning of a new era for Mannok. At Çimsa our model is to back great local businesses and management, and we look forward to creating new employment opportunities in the region as we support Mannok’s continuing growth and sustainability ambitions.
“Given its border location, Mannok has unique access to UK and EU markets, and we see it as a key stepping stone in expanding our footprint in Western Europe. For Mannok staff, joining the Sabanci ecosystem will also present a world of opportunity for career development and progression and exposure to innovation in product development, sustainability, and digitalization.”
Adrian Barden, Chairman of Mannok, added: “Çimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how.
“The Group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business. We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitions.”
Dara O’Reilly, Chief Executive of Mannok said: “At this stage of our development, securing a long term, strategic, well capitalised owner of scale, is the right move for Mannok and we look forward to working with our new colleagues at Sabanci.
“I wish to also acknowledge and thank the Investor Group, led by Brigade Capital Management, LP amongst others, for their unstinting and collegiate support as majority owners of the business over the past decade, following the acquisition from Share Receivership in 2014. Investor Group backing and the support and commitment of our customers and our 800 staff are the reason Mannok has grown and prospered, and why we are now optimally positioned for a new chapter of growth.”
