Tom Lyons

The Quinn Business Retention Company (QBRC), a group of former executives of the Quinn Group and a group of northwest businessmen, has led the acquisition of two key units of the manufacturing arm of the former Quinn Group, now known as the Aventas Group, .

The Irish Times understands that QBRC is being backed by three existing financiers of the business and not Endless LLP, a UK private equity house.

The deal is expected to be completed in early October. QBRC are understood to plan to issue a statement within hours in relation to the two divisions it is acquiring namely its construction industry supply division and its packaging businesses. The two businesses employ 650 people in Derrlylin /Ballyconnell area.

The three existing financiers of the business who are backing QBRC are understood to control over 50 per cent of its shares which should ensure the deal is completed.

The two divisions will be led by Liam McCaffrey, the former chief executive of the Quinn Group, after the deal’s completion.

Other members of QBRC include Quinn Group financial director Dara O’Reilly and former Quinn Group development director Kevin Lunney. Local businessmen John McCartin, John Bosco O’Hagan and Ernie Fisher are also part of the consortium.