Established in 1953, IMI provides a range of business and management courses including professional diplomas, online courses and short programmes focused on leadership and professional development.

IMI also has premises on Lapps Quay in Cork based out of the UCC Centre for Executive Education.

UCC acquired IMI in 2016 for €20m following several years of negotiations. It said at the time that no public money was used in the transaction. 

Negotiations to merge the two institutions have gone back as far as 2009 but were halted due to the economic downturn.

The acquisition included IMI’s 13-acre site at Sandyford in Dublin. Following the acquisition, UCC has leased back the site to IMI, the payment for which goes to servicing the university’s loan repayment.

Since the acquisition, IMI has operated as a private company.

In a statement, the K-BPG said that it has plans to develop and grow the executive education and leadership institution once it becomes part of the group’s stable of business services brands.

IMI staff were briefed on the development early on Wednesday morning and advised that they will transfer to the Kilcullen Business Post Group once the transaction completes.

'Shaping and inspiring leaders'

Professor John O’Halloran, president of University College Cork, said the institute will be “positioned to continue shaping and inspiring leaders in a fast-moving business environment” under the K-BPG’s umbrella.

Enda O’Coineen, chief executive of the Kilcullen Business Post Group, said that this investment forms part of his group’s strategic plans.

“IMI is one of Ireland’s iconic business brands. It has been the beating heart of executive education and leadership in Ireland over the past 73 years, is an engine in the Irish success story and is now ready to go to its next stage of development,” he said.

K-BPG also owns the Business Post as well as polling firm RedC Research.