Dublin-anchored Lynskey Engineering to be snapped up by German giant
The deal, which is subject to regulatory approval and was notified to the competition watchdog on Wednesday, is expected to be completed in the third quarter, the Berlin-headquartered company said in a statement on Thursday morning.
The purchase price is confidential, the firm said. Lynskey generated an annual turnover of more than €57 million, according to its most recently available set of accounts, and currently employs around 120 people across the group.
Based on the Kylemore Road in Dublin 10, Lynskey specialises in mechanical building services and electrical engineering. It has delivered projects for multinationals including Kerrygold-maker Ornua at its facility in Mitchelstown, Cork, as well as Penneys owner Primark, and LinkedIn, according to its website.
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Dussmann, which reported annual revenues in excess of €3 billion in 2024, first entered the Irish market in 2019 with the acquisition of STS Group, a Waterford-based firm.
Sean McElligott, Lynskey's managing director and controlling shareholder, said the deal presents the Irish firm with an 'excellent opportunity' growth.
He said: 'Our clients will continue to enjoy the same level of superior service provided by our team, delivering complex technical mechanical projects within time and on budget, and will, post-acquisition, also benefit from the increased scale and service capability we can offer as part of a circa €3.3 billion turnover group.
'Similarly, our employees will find increased opportunities provided by the ambition and support of Dussmann to grow our business further.'
The deal will see Lynskey join Dussmann's technical solutions division, which incorporates a number of different services across the life cycle of factories and other facilities like data centres, from design to installation and technical maintenance.
Stephan Possekel, managing director at Dussmann Technical Solutions, commented on the planned acquisition, said the German firm has already worked closely with Lynskey on several projects in the data centre sector.
'Lynskey's portfolio of mechanical services seamlessly complements STS's electrical engineering services', he said.
Oliver Finckh, chief technical officer and managing director, said: 'The acquisition of Lynskey will enable us to offer both main trades – mechanical as well as electrical services on complex large-scale projects, thus being a single source provider of mechanical, electrical, and plumbing services.'
Lynskey was advised by Anglesea Corporate Finance.
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