Turkey’s Sabanci Group buys majority stake in Mannok [Video]

Mannok, the building materials and packaging group made up of assets formerly owned by Sean Quinn, has sold a majority stake to a subsidiary of Turkey’s Sabanci Group in a deal that values the company at €330m.

Sabanci Building Solutions, which is owned by Cimsa, part of the Istanbul-based Sabanci Group, has purchased a 94.7% stake in Mannok, and the company’s leadership will retain a 5.3% stake after the deal is completed. The Mannok brand will also be maintained.

“Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how,” said Adrian Barden, chairman of Mannok.

“The group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business.

“We are very pleased that Sabanci has endorsed the Mannok brand and …