Emergence of trade buyer is a positive development
On paper at least, the three US hedge funds and a group of Irish businessmen that acquired a key part ofNew York-based Brigade Capital and Contrarian Capital and Silver Point Capital of nearby Greenwich, Connecticut – already creditors to the wider, which had been seized by Anglo Irish Bank three years earlier as the lender attempted to recover €2.88 billion owed by the Quinn family – provided €103 million of loans to finance the deal, including expenses.
Seán Quinn was initially brought in as a consultant by the current shareholders on a €500,000-a-year contract in 2015, after he emerged from personal bankruptcy. That arrangement was terminated in May the following year after he fell out with his former management team. The emergence of a strong trade buyer is major positive development – underpinning hundreds of jobs in the otherwise marginalised borderland area straddling Cavan and Fermanagh.
The company’s debt has declined by 30 per cent over the period to €66.8 million. Subtracting this from the €330 million enterprise value of the Turkish deal leaves an equity valuation for Mannok of a little over €260 million. Most of the borrowings were used to support a leveraged investment Quinn had taken in Anglo Irish Bank between 2007 and 2008, which evaporated as the bank’s shares tanked during the financial crisis and it succumbed to nationalisation.
Mannok Quinn-Group Quinn-Industrial-Holdings
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