Cabot Square Capital acquires majority stake in Premier Modular
Cabot Square Capital has acquired a majority shareholding in Premier Modular, one of the UK’s leading offsite construction specialists, for an undisclosed sum.
Independently owned for 25 years, London-based Cabot Square is a specialist investment capital provider to European companies, with a particular focus in the financial services, property, and infrastructure sectors. Its portfolio includes NetZero Buildings – a fast-growing offsite manufacturer of ‘energy-efficient buildings for the public sector’, and Public Sector Plc – a specialist asset manager which partners with local government and housing providers.
It says its investment in the offsite construction company will support the strategic growth of Premier’s modular hire business and its permanent offsite division.
Established in 1956, East Yorkshire-headquartered Premier Modular provides temporary and permanent offsite building solutions across sectors including education, healthcare, infrastructure, construction, and residential. It has achieved strong growth year-on-year, and recently announced profits of more than £10 m (EBITDA) for the year ending June 2020. It is currently progressing a multi-million-pound contract for the rapid construction of COVID-19 testing sites UK-wide.
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 have a clear vision and strategy for the next phase in our growth, and ambitious plans to increase turnover to £100 m within three years, providing a healthy return for our shareholders.”