Belfast investment vehicle Rockpool Acquisitions has put forward a £22.3 million proposal to buy London engineering company Amcomri Group.
The group provides engineering and equipment services to the power, rail, petrochemical, process and production electronics industries in the UK and Ireland, also helping operators extend the life of their infrastructure.
Rockpool, which is listed on the London Stock Exchange, was set up by founders Mike Irvine, Neil Adair and Richard Beresford in 2017 as a vehicle to acquire a target company, known as a special purpose acquisition company, or SPAC. The proposed deal will officially be a reverse takeover under the stock exchange rules.
"I am delighted that we are able to announce the potential acquisition of Amcomri which is intended to see Rockpool transform from a SPAC into a profitable trading enterprise,” Mike Irvine, co-founder and Non-Executive Director of Rockpool, said. “Amcomri's track record of successfully acquiring businesses and its wealth of experience in optimising business performance when combined with the opportunities for further acquisitions that a listing should provide, make the Acquisition a transaction that should create value for both the Rockpool and Amcomri shareholders."
Mr Irvine is also managing partner and founder of Belfast-based Corodvan Capital Management which is a private equity investor specialising in mico-cap businesses with enterprise value up to £10 million.
