Premier Modular acquires Net Zero Buildings
Net Zero Buildings specialises in the design and delivery of energy-efficient school buildings. The acquisition by East Yorkshire modular specialists Premier Modular will further strengthen the links between the two companies. Both are part of Cabot Square's private equity portfolio.
The acquisition keeps Premier on track to hit a projected £100m turnover, strengthening opportunities and capabilities and creating one of the most robust groups in the growing modular sector. The pair will now consolidate under the Premier Group banner.
The Cambridge-based school building specialists started out in 2012 and is an award-winning off-site construction specialist. Using high-tech manufacturing processes and design software, the company develops and manufactures radically energy-efficient buildings with minimal waste, disruption and environmental impact.
NetZero currently has a number of flagship educational schemes underway, including a 140-place scheme that's worth £10.7 million that has been designed and delivered for Treetops Free School in Essex. NetZero has previously enjoyed success as part of the Department for Education's multi-billion framework.
David Harris, Managing Director of Premier Modular, said there were clearly huge synergies and potential for collaboration between the two modular specialists. Premier will offer new routes to market and the opportunity for NetZero to deliver their innovative solutions to sectors beyond the educational market.
Harris said the NetZero team would bring tremendous expertise that could help to supercharge Premier's ambitions to be a market leader in the low carbon buildings sector. That, in turn, would benefit Premier's communities and customers.
The acquisition will further strengthen Premier's position in the educational sector, extending its range of offsite building systems. Premier will be able to offer more design diversity and opportunities for hybrid construction solutions than ever before to meet customer's needs and requirements.
Premier was established in 1956 and currently operates from five factories on a 22-acre site in East Yorkshire. The company offers a full range of construction solutions including design, offsite manufacture and fitting out. Premier has enjoyed success in the industrial, commercial, educational, healthcare and residential sectors with high-quality, sustainable and affordable buildings.
Premier has grown rapidly, year on year, according to Keith Maddin, partner at Cabot Square. It's now one of the most highly profitable and best performing businesses in what is an increasingly dynamic sector. Maddin believes the potential for collaboration and the strong environmental credentials of NetZero will accelerate Premier's trajectory to become one of the leading offsite businesses in Europe.
Current projects include a contract with Balfour Beatty worth £2.8m to provide a two-storey building to support the NHS testing programme and a £1.5m contract in partnership with Zedpods for Bromley Council which will deliver affordable housings. Premier has also won a £3m contract to provide modular buildings for RAF Leeming. A £3m patient's recovery centre has just been completed at Truro hospital for Kier.
Premier is on track to increase its turnover from £65m in 2020 and generate a healthy return for its investors. The acquisition will only strengthen Premier's offer in the offsite construction market.