The established £37m revenue business specialises in modular construction for the education, commercial and healthcare sectors and delivered a £2.7m profit in 2020.

Founded in 1970, Thurston employs over 250 people across three sites in the east of England.

The acquisition is the largest deal in HLD Group’s 10-year history and follows recent acquisitions of the Clugston distribution services arm and steel fabrication company SP Fabrication.

Demis Ohandjanian, CEO, HLD Group said: “This is a very exciting opportunity that will benefit both entities and result in new growth opportunities for the already profitable Thurston Group. 

“We’re also delighted to have the opportunity to work with existing company management, who will remain within the business.  

“Our intention is to ensure the continuation of Thurston Group’s strong organic growth, while introducing new revenue opportunities that will result in a substantial upsizing of the business over the next 3-5 years. ”

The acquisition was facilitated by Independent Growth Finance, through a £16m asset-based lending facility that formed part of the total acquisition cost.