Duke Street sees sure-fire bet in Suir Engineering

• Suir has an annual turnover of around €300m
• The firm has a ‘healthy pipeline of projects across Europe’, according to Duke Street
• Suir has experience in engineering in the pharma, energy and utilities, food and beverage, and data centre sectors

Duke Street is set to acquire Irish mechanical, electrical and engineering service provider Suir Engineering, the firms announced.

Suir is a jointly owned subsidiary of Dalkia and EDF Energy. After the sale to Duke Street, which includes investment from the senior management team, its “operations will continue as normal” from its headquarters in Waterford and other offices in Dublin, Stockholm, Copenhagen, and Frankfurt, Suir said in a statement.

Suir has worked in pharma, energy and utilities, food and beverage, and data centre engineering for nearly four decades and has an annual turnover of around €300 million.

“The company has a highly skilled workforce, an extremely strong safety record and a healthy pipeline of projects across Europe in all of its highly attractive end-sectors,” said Paul Adams, Duke Street partner, in a statement. “We have been impressed with Suir’s growth strategy and we look forward to actively supporting the existing management team in delivering their ambitious plans.”

London-based private equity firm Duke Street has invested over €2.5 billion in more than 50 companies over the last 25 years, achieving returns of over 25 percent.