Premier Modular Group has secured fresh investment to fund an expansion.
Investment firm MML Capital Partners has taken an equal majority shareholding with incumbent private equity firm, Cabot Square Capital, with a minority shareholding held by Premier’s senior management team.
The move will allow Premier to “accelerate its growth” in its domestic and European markets, it said.
“MML’s investment means we now continue to grow our best-in-class fleet, expand the range of funding structures we offer our clients, and accelerate our expansion into Europe following client demand,” said David Harris, Premier Modular Group’s CEO.
Established in the 1950s, Premier manufactures bespoke modular rental, leasing and permanent buildings to private and public clients across the UK and northern Europe.
In the last four years, its rental fleet is understood to have expanded by 50%.
It is also understood to be Europe’s first “non-financial company” to gain ESG accreditation and is on target to be carbon zero by 2035.
Cabot Square Capital acquired Premier Modular in 2021.
“Premier Modular is already a well-run company, as seen in the great performance in recent years,” said Andrew Honan, managing partner (infrastructure) at MML. “But it’s Premier Modular’s long-term growth that we are really excited about.
“Fundamentally, we are seeing a big societal change in how we build our infrastructure in the UK and globally – a focus on being closer to the user and dealing with shorter term changes in societal needs.
“In that context, Premier is at the vanguard of enabling this change in sustainable and affordable ways.”
Keith Maddin, partner at Cabot Square Capital, added: “We look forward to continuing to be involved in the next stage of its growth alongside management and MML Capital Partners.”
Turnover for Premier Modular Limited to 30 June 2021 was £108.4 million, compared to £65.2 million the previous year.
Profit was £11.4 million, compared to £5.4 million in 2020.
Enjoyed this? Try ‘Unsafe’ west London estate to be restored after evacuation
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.