Cash injection for Premier Modular comes after troubled months for offsite sector
UK offsite company Premier Modular has received new investment from London-headquartered private equity firm MML Capital Partners.
The undisclosed investment is accompanied by a fresh injection from Cabot Square Capital, which acquired the business in 2021.
Established in the 1950s, Premier Modular provides modular building solutions for both temporary and permanent applications across the public and private sectors for healthcare, education, defence, commercial, infrastructure, construction and residential markets.
The company鈥檚 rental fleet has grown by around 50% in the past four years and it says the new investment will fuel its ambitions to make its product more widely available in domestic and European markets.
鈥淧remier Modular is already a well-run company, as seen in the great performance in recent years,鈥� said Andrew Honan, managing partner (infrastructure) at MML.
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鈥淏ut it鈥檚 Premier Modular鈥檚 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 鈥� a focus on being closer to the user鈥檚 specific needs and being able to rapidly respond to change.
鈥淚n that context, Premier is at the vanguard of enabling this change in sustainable and affordable ways.鈥�
Modular construction has been championed by many 鈥� including some in government 鈥� for its potential to increase productivity and lower emissions from construction.
But recent high-profile failures have shaken faith in the sector. Insurance giant L&G shut its flagship factory earlier in the in wake of 拢170m losses, while modular housebuilder TopHat this week recorded a pre-tax loss of more than 拢5m in 2022, despite nearly doubling revenue
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