The Enquirer understands a company called Antipodean Holdings Limited will be the vehicle for the new buyer.

It was registered two months ago at Companies House with two equal shareholders – South African Andre Redinger and Australian James Overton.

Redinger, 53, is founder and group managing director of Millhouse – a South African based manufacturer of “vitamin and micronutrient blends”.

Sources said Australian Overton, 33, “has direct construction experience” and Redinger has been looking to expand into the industry.

Details of the new owners are due to be confirmed to ISG staff as soon as the deal is signed.

Current owner, US based Cathexis, told ISG staff and suppliers earlier this month that the planned sale “will include a significant investment, which will recapitalise the business and support the return to normal trading.”