The Irish arm of Dutch contractor Royal BAM Group has acquired a non-controlling stake in modular builder Modern Homes Ireland (MHI).
BAM said in a press release that the financial terms of the deal would not be provided.
MHI builds steel-framed homes and commercial buildings that are up to 95% completed before leaving its factory in Ballyjamesduff, County Cavan.
Since being founded in 2016, MHI has built 400 residential units, including a mix of social housing and high-end residential developments. It employs 120 staff and can build 500 units annually – a figure it plans to increase following BAM’s investment. BAM says the two plan to "accelerate home building activity in social housing and PPP contracts as well as in private developments in large population centres".
Theo Cullinane, the chief executive of BAM Ireland, said: "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.
"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'".
Image: From left: Brendan McNally (Executive Director and Co-Founder, MHI), Theo Cullinane (CEO, BAM Ireland), Chris Curtis (Joint MD and Co-Founder, MHI), Minister of State for Housing and Urban Development Damien English T.D., Adrian McNally (Executive Director and Co-Founder, MHI) and Stephen McManmon (Joint MD and Co-Founder, MHI)