Investment firm Cabot Square Capital has bought a majority share in offsite specialist Premier Modular for an undisclosed sum.
Cabot Square Capital said the deal would support the growth of Premier Modular’s hire business and its permanent offsite division.
Premier Modular, based in East Yorkshire, recently delivered a £50m project to provide office and welfare buildings at the Hinkley Point power station site and currently holds a multi-million-pound contract for the rapid construction of covid-19 testing sites across the UK. It has also been awarded a £7m contract for a 62-bed ward building at St Peter’s Hospital in Chertsey.
Keith Maddin, partner at Cabot Square, said: “MMC and offsite manufacturing are revolutionising the construction industry. We are seeing significant growth as more public and private sector clients develop a deeper understanding of the speed, quality, cost, environmental and social benefits of moving construction into a controlled factory setting. There has also been a surge in interest in offsite following the covid-19 pandemic as more construction clients and contractors recognise how the approach can reduce risk and disruption on site.”
“Premier is a high-performing, profitable business, which manufactures high quality building solutions and continues to expand its hire fleet – already one of the newest in the UK. We are excited to partner with its outstanding management team and support the business on the next phase of its growth, including sector and geographical expansion.”
David Harris, managing director of Premier Modular, said: “This new investment brings even greater stability and continuity to our business which will benefit our colleagues, customers, supply chain and strategic partners. We are looking forward to working with Cabot Square and a highly successful and productive business partnership.”
“We have a clear vision and strategy for the next phase in our growth and have ambitious plans to increase turnover to £100m within three years, providing a healthy return for our shareholders.”
