Nine initial bids have been received for the former Quinn Glass, the most valuable part of the manufacturing group built by entrepreneur Sean Quinn.
Investment bank Lazard is reviewing the bids, which are from a mixture of private equity and international trade investors, in order to move to the next round.
Bidders are understood to have expressed a strong commitment to investing further in the glass manufacturing facilities that employ 1,000 people in Derrylin, Co Fermanagh and Cheshire, England.
The bidders are understood not to include any party with significant glass interests in Ireland or the UK, removing any possibility of competition issues preventing a sale.
This should also ensure that any new owner will want to invest further in the glassmaking business, which is valued at over €400 million and is now called Encirc.
A sale is expected to close by the end of this year or by January at the latest.
Britain's two largest glassmakers, Ardagh Glass and Owens-Illinois, are understood not to be among the bidders for the facilities, which are already among the best in Europe.
Existing large investors in Quinn Glass, which number several dozen, are also not interested in bidding.
Former management in the Quinn Group, led by Liam McCaffrey and Dara O'Reilly, are also understood not to be among the bidders for the glass business.
The McCaffrey-led group is focused instead on working with three multibillion private equity investors on completing the €90 million purchase of the packaging and construction supplies units of the former Quinn Group.
This deal is expected to close by the end of November, and Mr McCaffrey’s management team and financiers are expected to expand the business as demand for packaging and construction supplies increases as the Irish economy recovers.
Kazan sale
Meanwhile the Irish Government and Russia’s A1 are planning to auction a logistics park once owned by Quinn,
Kommersant
reports.
A1, part of billionaire Mikhail Fridman's Alfa Group, will hold a public auction on December 5th for sale of Q-Park in Kazan, Tatarstan.
The starting price for the property, which exceeds 99,500sq m, is RU2.575 billion (€40 million). Tenants include Efes, Bosch and Schneider Electric. – (Additional reporting Bloomberg)
