STS Group Acquired in €50m deal by Dussmann Group
Signing the deal to acquire STS, L to r: Stephan Possekel, Managing Director, DTS; Catherine von Fürstenberg-Dussmann, Chairperson, Board of Trustees, Dussmann Group; Dr Wolfgang Häfele, Executive Board Spokesman; Eddie Walsh, CEO, STS Group; and Richard Hogan, Managing Director, STS Group.
Waterford-based Specialist Technical Engineering Services (STS Group) has been acquired by German facilities management giant Dussmann Group in a deal worth €50m.
STS Group CEO Eddie Walsh, who has sold his specialist engineering company, was previously managing director and shareholder in Suir Engineering, which was sold to Dutch technical services provider Imtech in 2007 for €30m.
STS Group has completed and is currently involved in projects for some of the best-known brands in the pharmaceutical, data centre, medical device, oil and gas, transport, utilities and commercial industries.
The pharmaceutical and the data centre industries were the largest sectors that STS participated in last year, and they remain very strong for STS in 2019 and into 2020.
STS is currently involved in projects in Ireland, the UK, Sweden, Denmark, Germany, the Netherlands, Switzerland, Italy, France, Belgium and the Middle East.
STS had a turnover of €145m in 2018 and employs over 700. Sixty per cent of its business in continental Europe, with many of its Irish contracts with FDI companies in Ireland.
The takeover deal is expected to close by the end of June, subject to approval from German competition authorities.
STS Senior Management Team
The Irish company’s senior management team will remain with STS in their existing roles for at least three years following the deal. STS’s employees will be unaffected by the takeover, the two companies said.
“The combination of STS and Dussman group provides an excellent opportunity for the employees of the company,” said Eddie Walsh. “Our clients will continue to enjoy the same level of superior service, delivering complex technical projects within time and on budget but post-acquisition will also benefit from the increased scale and investment as part of a €2.3bn turnover group.”