Blantyre Capital has sold its stake in offsite construction firm McAvoy to European investment firm Duke Street.
Duke Street’s investment in the company follows five years of majority ownership by Blantyre Capital.
While the financial terms of the deal have not been disclosed, the investment is expected to help fund McAvoy’s growth in the offsite sector.
The company designs, builds and rents modular buildings, and was recently announced as one of the suppliers appointed to the third iteration of the NHS Shared Business Services (SBS) Modular Buildings Framework Agreement.
In February 2020, Blantyre Capital announced its multi-million-pound investment in the company. During Blantyre’s ownership, McAvoy launched a new modular product, SmartSpace, and expanded its modular rental fleet.
Founded in 1972, McAvoy has more than 160 employees and offices in Dublin, Birmingham, Bristol, and London.
The company’s manufacturing facility in Lisburn, Northern Ireland, is currently capable of manufacturing up to 1,200 modules annually, making it one of the largest modular building providers in the UK.
Commenting on the deal, Ron Clarke, CEO of McAvoy, said: “Securing the backing and support of Duke Street, one of Europe’s most well-respected investors, underscores the strength of our proposition. They join at a critical time in the modular building industry, when the need for high-quality solutions has never been higher.
“Our company is uniquely positioned for further growth with a model that combines operational excellence, sophisticated design and deep sector expertise.”
Joe Thompson, partner at Duke Street, added: “McAvoy is a sustainable, well-capitalised and market-leading business that has a strong reputation for building premium modular solutions… Duke Street’s acquisition of McAvoy complements our long-held investment focus in essential social infrastructure services that provide the backbone to the economy.”
