Tuesday 3rd May: Irish engineering services business, Obelisk has announced its acquisition by Constructel Visabeira, a leading company in the global telecommunications and energy networks engineering sector and subsidiary of multinational and multi-sector holding company, Grupo Visabeira.
This new partnership forms part of Obelisk’s growth strategy and will see the Irish business join Grupo Visabeira alongside other leading telecommunications and energy companies such as MJ Quinn, and provide access to new markets including UK, France, Germany, Belgium, Portugal, Spain, Italy, Denmark, Sweden, and the US.
In addition to Obelisk’s newly expanded geographical footprint and the creation of further employment opportunities the company will continue to provide existing services and turnkey infrastructure solutions to clients in the Irish and UK telecoms and energy sectors, alongside a newly diversified offering and increased technical capacity to help build further growth opportunities in digitalisation, technology infrastructures, fibre deployment and the continued international investment in mobile and wireless networks.
Speaking on the deal, newly appointed Obelisk CEO, Ronnie Delaney commented, “We are very pleased to welcome this new chapter in Obelisk’s growth. The coming together of Obelisk and Constructel Visabeira will create one of Europe’s leading telecommunications and energy services companies, with expected annual turnover in excess of €1 billion. Obelisk is now well positioned to accelerate new growth opportunities, to continue investing and expanding our skilled workforce across the UK and Ireland, and to offer more complete solutions for our clients in new and existing markets.”
Obelisk Founding Directors Colm Murphy and Padraig Brady also commented, “Having first founded Obelisk in 1996, we have seen the business go from strength to strength over the last 26 years, building a specialised workforce capable of managing and delivering the most complex and high-quality engineering projects across Ireland, the UK and Africa. We look forward to this new era of business and continued success with Constructel Visabeira, to offer clients across the globe a more diversified service offering and more innovative solutions.”
Constructel Visabeira CEO, Nuno Marques added, “We welcome Obelisk to Constructel Visabeira group and look forward to working with their talented team of professionals to expand our productive and operational capacity. We place quality and efficiency at the centre of everything we do, and as we look toward new trends in the telecoms, power and technology sectors, our new partnership with Obelisk will complement our overarching vision to increasingly meet the global needs of our various international markets.”
Constructel Visabeira was advised by EY for fiscal issues and DWF on legal advice and Obelisk was advised by IBI Corporate Finance, who provided corporate financial advice, and Amoss Solicitors who provided legal advice.
On behalf of Obelisk’s former financial advisors, BPC Ireland Lending, Portfolio Manager, Shane Lanigan comments: “BPC Ireland are delighted to have supported Obelisk over the last number of years. We wish them every success in the next phase of their journey.”