Fast growing offsite manufacturer targets becoming a sector leader with acquisition
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Premier Modular, one of the UK’s leading offsite construction specialists, has acquired NetZero Buildings an undisclosed sum.
The deal by the Driffield-based business means consolidates the two businesses which are part of Cabot Square’s private equity portfolio, creating one of the strongest groups in the fast-growing offsite sector.
Specialising in the design, manufacture and delivery of some of the UK’s most energy-efficient school buildings, NetZero Buildings is an award-winning offsite manufacturer and leasing specialist. With manufacturing facilities in Cambridge, the firm has a number of flagship low carbon education schemes currently underway following its success on the multi-billion pound Department for Education MMC1 framework. These include a £10.7m, 140-place scheme for the new Treetops Free School in Essex.
David Harris, managing director of Premier Modular, commented on the acquisition saying: “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.”
Keith Maddin, partner at Cabot Square, 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 has five factories on a 22-acre site in East Yorkshire. The business which offers a full range of design, offsite manufacturing, fitting out and construction services to public and private sector clients, and contractors is on track to increase turnover from £65m in 2020 to more than £100m this year, generating a healthy return for investors.