Premier positioned for growth following acquisition
By Belinda Smart09 February 2021
Private equity firm Cabot Square Capital has acquired a majority shareholding in UK offsite construction company Premier Modular for an undisclosed sum.
Premier supplies rental and permanent offsite buildings for the education, healthcare, infrastructure, construction, and residential sectors. Last month it released full year financial results showing a 35 % rise in profit and confirmed it had earmarked £12m (€13.3m) to invest in its modular building rental fleet.
Cabot Square Capital’s backing will support the strategic growth of Premier’s modular rental business and its permanent offsite division.
Premier plans to increase turnover for the whole business across rental and permanent buildings from £65 million (€74 million) to £100m (€114 million) within three years, and told IRN rental operations will be “key to that growth”. Output is expected to increase by 50 per cent across temporary rental and permanent buildings following the investment.
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.”
Keith Maddin, Partner at Cabot Square, said, “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.”
Headquartered in East Yorkshire, Premier Modular’s numerous current projects include a multi-million-pound contract for the rapid construction of Covid-19 testing sites across the UK.