Premier Modular sold to private equity firm

Grant Prior 2 years ago
Share

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.”

Latest news

Scaffold boss banned over covid loan abuse

Eleven-year director ban after misuse of £50,000 loan
13 hours ago

Gove issues six weeks ultimatum to sign building safety contract

Developers told to sign Government contract issued today or be banned from building homes
19 hours ago

Firm fined £120,000 for lifting two builders in a telehandler bucket

Rochdale builder Hoyle Developments fined after repeated safety breaches
3 days ago

Hunt quashes reports HS2 will stop at Old Oak Common

Chancellor says no "conceivable circumstance" where HS2 would not terminate in Central London
3 days ago

London Chiswick roundabout 24-storey tower approved

Plan for 255 flats and offices finally passed after four previous schemes failed to proceed
19 hours ago

Construction forecast to fall by nearly 5% this year

Private new build housing and RM&I to drive fall but infrastructure growth will also slow
18 hours ago

Mace wins green office block at famous Fleet Street pub site

Contractor to build new 12-storey block pioneering latest sustainable construction methods
19 hours ago

Firms readied for raft of net zero and building safety frameworks

Procurement specialist LHC to tender five mission zero retrofit and building compliance deals
4 days ago

Plans in for two Derby city centre schemes of 1300 homes

Eagle Quarter and Bradshaw Way schemes to breathe life into Derbion centre area
4 days ago

United Living names new infrastructure services MD

Former SSE Contracting operations director John Farrell joins multi-service contractor
4 days ago

Sunak promises Bill to build £100m Holocaust Memorial

Holocaust Memorial Bill will update historic legislation allow the building of a new memorial in London
4 days ago

Mace Interiors to transform Hanover Square office block

Refurbishment work to start this year on major revamp of Mayfair building
5 days ago

Garden village in Darlington gets £43m infrastructure cash

Transport and highways work will pave way for 2,000 new homes
4 days ago

Plans in for Lendlease £1.9bn Birmingham Smithfield scheme

Ambitious plans for City's old market area advance with enabling works hoped to start this year
5 days ago

TClarke on track for £500m turnover this year

Building services specialist sees 2022 revenue and profit up by around a third
5 days ago

McAlpine tenders M&E work at £340m Museum of London job

Demolition and first MEPH work packages come out to bid
5 days ago

BAM signs off on £65m Manchester First Street office job

Briggs & Forrester lined up for MEP package
5 days ago

Eurocell gets £1m insurance payout after cyber attack

UPVC giant details cost-cutting round as market weakens
5 days ago

Mace on board for £440m Manchester Airport upgrade

Green light for second phase of airport transformation programme
6 days ago

Inland Homes losses now set to hit £91m

House builder sells land as construction problems and slower sales wreck balance sheet
6 days ago

Plans in for Stoke on Trent city centre mixed-use scheme

Etruscan Square scheme consists of an arena, 300 homes, hotel and multi-storey car park
6 days ago

Landsec unveils latest £850m Buchanan Galleries plan

Subject to planning, earliest date for first construction would be summer 2024
6 days ago

Van Elle soars to record revenue in first six months

Revenue up a third to £80m at piling specialist with improved order levels ahead
6 days ago

Work starts on BSI Kitemark for MMC homes

Government backs new British Standard to lift barrier to modern methods of construction
6 days ago

Watchdog blasts “rushed” UK Infrastructure Bank

Funding deals only seen so far on broadband and solar farms projects
6 days ago

60,000 Grandfather Rights skills cards soon to be invalid

New guidance issued for how experienced workers can get new CSCS cards before end of 2024
7 days ago

Worker dies after cardiac arrest in HS2 site office

Colleagues and emergency services tried to save man after he collapsed in tunnelling office
7 days ago

Mace wins £150m life sciences centre

Construction to start in April creating 1,000 jobs on London's Euston Road
1 week ago

Redrow switches to heat pumps as standard in all new homes

House builder commits all new detached homes from this month to have heat pumps and underfloor heating
7 days ago

Gilbert Ash set for Barnfield College next phase

Contractor understood to have won latest £26m deal at Luton site
7 days ago

Contractor services