Malachi Cullen & Partners (MCP), an Athlone-based engineering consultancy, has been sold to UK engineering consultancy group White Young Green, netting the owners of the midlands company as much as €1.9 million.
In a statement to the stock exchange, White Young Green said that the acquisition will provide it with "an important new platform for all of its key skills in the hitherto untapped midlands region of Ireland".
"The acquisition is a small but important step forward in the ongoing development of White Young Green in Ireland," said John Purvis, its chief executive.
Last year the UK company, which employs 460 people in Ireland, bought three other companies, with offices spread across the country.
Under the terms of the agreement, White Young Green will pay €1.6 million on completion of the deal, comprising €900,000 in cash and €700,000 in new shares.
A further €300,000 in either cash or shares will be paid dependent on MCP's performance over the next year.
Seán Connolly, one of MCP's directors, declined to comment on the sale, but according to the latest set of accounts filed with the Companies Office, he and his fellow director, Malachi Cullen, own 49 and 51 per cent of the company respectively.
In the year to the end of March, MCP - which was founded in 1987 - recorded pretax profits, adjusted for exceptional employment costs, of €220,012 on revenue of €1.6 million.
As of that point, it had net assets of €197,737.
The group's directors and 19 staff will remain with the company.
