The Slane-headquartered firm has worked on large data centre projects across Europe and has achieved “phenomenal” organic growth over recent years, Mr Mee said. Accounts for the group filed last September show that turnover ballooned from €22.6 million in 2020 to more than €40 million in 2021. “That was all organic growth,” Mr Mee said. “But this acquisition brings a whole new level of ability.”
CET specialises in the installation of structured cabling networks and has worked on projects including Swedish telecoms company Ericsson’s data centre in Athlone, Co Westmeath. In a statement CET managing director Seán Maher said: “MTM Engineering is a great partner for our business, committed to long-term growth and development of the company, as well as our people. With a reputation for high standards, innovation, and trust-based relationships with clients, their values and approach are highly complementary to our business, and we look forward to working with Brendan and the team to continue delivering quality service standards to our clients.
The Irish Times reported in January that Waterland has plans to at least double the €100 million it has invested in Irish companies since entering the Republic three years ago. The Ireland Strategic Investment Fund has come on board as a “strategic investor” in the pan-European fund, according to Laura Dillon, managing director and principal of Waterland’s Irish office. However, it is understood that the ISIF investment amounts to just €10 million as all investors in the cash raise were scaled back as it was oversubscribed.