Premier Modular, majority acquired by Cabot Square Capital in February this year, has taken over NetZero Buildings, a Cabot Square company since 2015.
Premier makes temporary and permanent modular buildings; NetZero Buildings specialises in structural insulated panel (SIP) construction.
The terms of the deal were not disclosed.
Premier is on track to increase turnover from £65m in 2020 to more than £100m this year.
NetZero Buildings is too small to be required to publish its full accounts but its most recent Companies House filing shows net assets of £2.4m and current assets of £900,000 at 31st December 2019. Current projects include a £10.7m build for the new Treetops Free School in Essex.
Premier Modular managing director David Harris said: “We see fantastic synergies and potential for collaboration between our two businesses. Premier offers new routes to market for NetZero Buildings and the opportunity to deliver their innovative building solutions to new customer segments in addition to their strong presence in the education sector.
“The NetZero team brings tremendous expertise in sustainable building solutions which will supercharge our strategy for Premier to become a market leader in the delivery of low carbon buildings to the benefit our customers and the communities in which we live and work.
“The acquisition will further strengthen our position in the education sector, and expands our range of offsite building systems to give us even more design flexibility and the opportunity for hybrid construction solutions to meet customer requirements.”
Cabot Square partner Keith Maddin said: “Premier has grown rapidly year-on-year and has become one of the highest performing and profitable businesses in the dynamic offsite sector. It has strong leadership and manufactures high quality buildings for hire, long-term lease and sale. We believe this acquisition, the huge potential for collaboration, and the strong environmental credentials that NetZero brings, will accelerate Premier’s journey to becoming one of the leading offsite businesses in Europe.”
Premier Modular was established in 1956 and is based in East Yorkshire where it has five factories on a 22-acre site. It offers a full range of design, offsite manufacturing, fitting out and construction services to public and private sector clients, and contractors. Current projects include a £2.8m contract with Balfour Beatty to provide a two-storey office building to support the Department of Health’s NHS testing programme; a £1.5m contract in partnership with Zedpods to manufacture affordable housing for Bromley Council; and a £3m contract to provide two buildings at RAF Leeming. A £3m patient recovery unit has recently been supplied to Kier at Truro Hospital.