The H&J Martin name will survive the takeover as it will continue to trade under its own brand.
The joint company has more than 900 people and a turnover topping £300m, making it one of the largest construction and civil engineering groups on the island of Ireland.
H&J Martin managing director Derek Martin now becomes deputy chairman of the new H&J Martin board. He said: “We are excited by this opportunity and are looking forward to working with our new colleagues, within the Lagan Construction Group of companies”.
Lagan Construction Group chief executive Colin Loughran said: “I am pleased to announce that H&J Martin will now form part of the Lagan Construction Group. As two family owned and run businesses there are many similarities and synergies between Lagan Construction Group and H& J Martin. This will enable Lagan Construction Group to offer new integrated services to clients in both the domestic and international marketplace.”
Local politicians also had an opinion on the deal, with enterprise minister Arlene Foster saying: “The construction industry makes an important contribution to the economy here in Northern Ireland. In an increasingly competitive market place, having two large well known construction employers secure the future of over 900 jobs by combining their respective talents is a positive move. This will only help enhance their ability to win and compete for large construction projects both home and abroad.”
Junior minister Jonathan Bell added: “This is a major boost to the construction industry and good for the Northern Ireland economy.”
The deal was supported by Danske Bank, which has been working with both companies for many years. “Lagan Construction Group has a strong management team with a clear strategy, and this new deal will provide a platform for further sustainable growth,” said the bank’s manager Chris Martin.
Lagan was established in 1962 by Peter Lagan. In 2010 it split into Lagan Construction Group, headed by grandson Michael Lagan, and Lagan Group, under Kevin Lagan.