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Sun July 05 2020

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Equity fund buys into McAvoy

27 Feb The owners of Northern Ireland modular buildings specialist McAvoy Group have sold an undisclosed chunk of the firm to venture capitalists.

McAvoy Group factory in Dungannon
McAvoy Group factory in Dungannon

London-based Blantyre Capital’s multi-million pound injection in the business is enough to buy it a seat on the board, although the company will continue to be led by managing director Mark Lowry.

The McAvoy family – Orla Corr and Conor McAvoy – remain as shareholding directors and fully active in the business.

They said that the investment would finance the company’s expansion plans.

Orla Corr said that Blantyre Capital was “fully aligned with our vision for future growth and our strategic plan”.

She said: “We have our strongest project pipeline for many years and in a diverse range of sectors. Partnering with Blantyre will enable us to leverage industry-leading offsite solutions across the UK and Ireland and to continue to develop our award-winning digital construction strategy.”

Adam Phillips, head of investments at Blantyre Capital, said, “The offsite sector offers enormous opportunities for transforming construction and is a sector in which we are keen to invest. We are confident in McAvoy’s growth potential and we are looking forward to a highly successful and productive business partnership.”

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