The acquisition is part of Galliford Try’s new strategy to target areas where it has no presence. Drew Smith Ltd and Drew Smith Homes open up the Southern region for Galliford Try Partnerships.
The current management team and staff at Drew Smith will remain in place, working within the Galliford Try group, to accelerate the growth plans.
Drew Smith Ltd generated revenues of £49.2m in 2015 and made a pre-tax profit of £3.3m. It does a lot of work for local authorities and housing associations, including Spectrum Housing Association and Radian Housing Society.
Stephen Teagle, chief executive of Partnerships & Regeneration at Galliford Try, said: “We are really excited to have reached agreement with Drew Smith which is a great fit for our growing business. The Southern region holds great potential for us to expand our regeneration offering and help accelerate delivery. We look forward to working with new and existing clients to bring forward opportunities to increase the supply of new homes in the area.”