East Yorkshire off-site construction specialist Premier Modular has secured a substantial new investor.
International mid-market private equity firm MML Capital Partners has joined Cabot Square Capital as a backer of the Brandesburton operation, as it looks to cement expansion in the 海角视频 and into northern Europe, following a strong period of growth. The undisclosed deal is described as positioning Premier for acceleration, while ensuring best-in-class service to the customer base.
Providing permanent and temporary solutions, the company has grown its fleet by 50 per cent in the past four years, and played a key role in hospital and Covid testing expansion through the pandemic, while supporting major construction and infrastructure projects across sectors including healthcare, education, defence, justice, retail and commercial.
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Revenues increased from £65 million to £108 million in the last reported financial year, to June 2021. The workforce had swelled from 236 to 280 in that period, with projections for a £130 million turnover base by June next year.
Andrew Honan, managing partner at MML, said: “Premier Modular is already a well-run company, as seen in the great performance in recent years, but it is Premier Modular’s long-term growth that we are really excited about.
"Fundamentally, we are seeing a big societal change in how we build our infrastructure in the 海角视频 and globally – a focus on being closer to the user’s specific needs and being able to rapidly respond to change. In that context, Premier is at the vanguard of enabling this change in sustainable and affordable ways.”
Established in the 1950s, Premier was acquired from South Africa’s Waco Group in 2021 by London-based Cabot. MML, founded in 1988, sets its stall out as an operation specialising in investing in partnership with management tram to deliver bold expansion plans.
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Keith Maddin, partner at Cabot, where a "robust return on its investment" has already been seen, said: “Premier is a highly successful business and has built a first-class track record of providing sustainable infrastructure solutions.
"Working with the Premier Modular team for two years now, it’s their culture of delivering excellence in tight timeframes which keeps them competitive. That’s playing its part in the company’s expansion both at home and in Europe with the launch of Premier Modular BV.
"We look forward to continuing to be involved in the next stage of their growth alongside management and MML Capital Partners.”
David Harris, Premier’s chief executive, said the deal was an endorsement in modular building providing solutions for several construction challenges, be it sustainability, skills, flexibility or quality.
“MML’s investment means we now continue to grow our best-in-class fleet, expand the range of funding structures we offer our clients, and accelerate our expansion into Europe following client demand,” he said. “The combination of financial firepower and infrastructure expertise will be invaluable as we continue to drive Premier forward.”