Premier Modular sold to private equity firm

Grant Prior 3 years ago
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Private equity firm Cabot Square Capital has acquired a majority shareholding in offsite specialist Premier Modular.

Cabot Square’s portfolio also includes NetZero Buildings – an offsite manufacturer of energy-efficient buildings for the public sector.

East Yorkshire based Premier Modular made a pre-tax profit of £7m from turnover of £65.7m for the year to June 30 2020.

It provides temporary and permanent offsite building solutions across a range of sectors including education, healthcare, infrastructure, construction and residential.

High profile schemes include a £50m project to provide office and welfare buildings at Hinkley Point.

Currently underway is a multi-million-pound contract for the rapid construction of Covid-19 testing sites across the UK to support the Government’s response to the coronavirus pandemic.

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.”

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