Vertiv Holdings Acquires Donegal’s E&I Engineering for $1.8 billion
Burnfoot based E&I Engineering, one of the UK and Ireland’s largest providers of electrical switchgear and power distribution systems for data centres been bought by US based Vertiv Holdings for at least $1.8 billion.
The deal, which also includes E&I Engineering affiliate, Powerbar Gulf LLC, carries the potential for a further $200m in cash to be paid, if profit targets for next year are met.
Founded in January 1987, Founder and Managing Director Phillip O’Doherty has brought the company from humble beginnings, initially consisting of himself and 3 other staff, to now employing over 2,100 people, 1,000 of which are based in the headquarters in Burnfoot. Last year the engineering firm achieved annual sales of around $460m (€389m). The company also has locations in Derry, South Carolina and Dubai.
Mr. O'Doherty confirmed Vertiv and E&I remain committed to the region, with all current roles safeguarded in the takeover, and plans in place to recruit approximately 100 new staff across its locations in the North West within the next year. There have also been 30 new apprentices taken on within the last two weeks.
The company joins Vertiv Corporation, headquartered in Ohio, which employs over 20,000 people in over 130 countries and specialises in cooling and IT Infrastructure solutions and services to customers in the data centre, communications, commercial and industrial markets.
Regarding the takeover, Vertiv has outlined that the acquisition of E&I represents a key milestone in their strategy and completes a portfolio of in-building power train offerings for data centres.
Situated within the Northwest’s engineering cluster of companies, including Buncrana’s Inishowen Engineering and Derry-based AE Global Ltd, the takeover cements the region's status as an ideal place for companies to situate to and invest in, as a result of the strong local workforce and accessibility to EU and UK markets.
Alongside his role as chairman of Derry City Football Club, it’s understood Phillip intends to stay on at the company for at least five more years and is keen to see E&I continue to grow and maintain its strong customer focus.