MCI Developments is currently on site building more than £70m of contracts for registered social housing providers, and brings to Keepmoat a pipeline of sites worth more than £100m over the next three years.
The purchase price was not disclosed.
For the year to 30th April 2016, MCI turned over £39.2m and made £4.5m profit before tax. Keepmoat had revenues of £1.1bn last year.
Keepmoat chief executive Dave Sheridan said: “I’m delighted to announce that we have reached an agreement with the shareholders of MCI Developments. The MCI Developments model is a natural fit with Keepmoat’s capital-light business model and the two businesses already have a number of clients in common. We’re looking forward to working with them towards our common goal of building more homes faster and making a positive contribution to solving the UK housing crisis.”
Andy Garnett, director of MCI Developments and one of its major shareholders, added: “We are delighted to have completed the deal with Keepmoat and we recognise the significant financial and operational benefits that this will generate for the long term growth of our business.”
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