Royal BAM Group’s Irish operating company has acquired a non-controlling share in Irish modular homes provider, Modern Homes Ireland (MHI).
Financial details were not disclosed.
MHI constructs steel-framed homes and commercial buildings with units being up-to 95% constructed before leaving the factory.
‘This is a significant strategic investment for BAM. We are cognisant of the need for an acceleration of output in the housing sector and we are happy that our investment will play a part in the solution to the current housing crisis in the country,' said Theo Cullinane, CEO, BAM Ireland.
'Modular is clearly the future and this is a unique opportunity to further develop a business, not just in housing but in modular housing which aligns closely with our drive towards digital construction.'
MHI was established in 2016 and has completed more than 400 residential units since then, mainly in Leinster, including a combination of social housing and high-end residential developments.
The company is based in Ballyjamesduff where it employs 120 people. It is led by its founding shareholder team of joint managing directors Chris Curtis and Stephen McManmon and executive directors Adrian McNally and Brendan McNally. Following BAM’s investment, MHI will further increase its production capacity.
BAM said its modular expertise, particularly in the Netherlands, would enable BAM to to bid for larger projects.
‘We are very pleased to have entered into this strategic partnership with an industry leader in BAM, which will allow us to grow further and benefit from the vast experience that they will bring to us,' said MHI joint managing director Chris Curtis. 'This significant investment further confirms that off-site construction is the future of housing.’
