Fallout following Royal Imtech bankruptcy
The bankruptcy of the Dutch European technical solutions firm, Royal Imtech, is creating shockwaves across the industry, according to research firm USP Marketing Consultancy.
It said that 500 companies in the installation sector are affected by Royal Imtech’s bankruptcy with about 100 fearing for their survival.
Royal Imtech was declared bankrupt on 13 August, less than a week after its German division filed for insolvency.
The fate of the company’s 22,000 workforce is not yet known, but some jobs are safe because the company’s Marine and Nordic divisions were quickly sold off.
Imtech Nordic has been set up as a private business and Parcom Capital and Pon Holdings have acquired the marine unit.
Parcom is a mid-market private equity fund that manages over €1 billion invested in a range of industries, including the offshore and maritime sector. Pon meanwhile is one of the largest family-run businesses in the Netherlands, employing nearly 13,000 people in 450 locations across 32 countries.
Details of the takeover are still being worked out, but the new buyers said that the deal should allow the continuation of the Imtech Marine business.
Dutch newspaper Financieele Dagblad said that around 30 parties are showing an interest in buying up the remaining Imtech divisions.
Administrators are also looking to sell-off the Imtech Traffic and Infrastructure unit, as well as Imtech Belgium, Imtech Spain, and Imtech UK/Ireland.
Related Articles
MARINE CONSTRUCTION
POWER & PROPULSION
ENVIRONMENT