Bam buys stake in Irish modular homes firm

25th January, 2019

Bam has bought a stake in Irish offsite specialist Modern Homes Ireland.

MHI was established in 2016. It assembles the majority of its steel-framed homes and commercial buildings in a factory setting.

The Cavan-based firm has built 400 residential units, including social housing and high-end residential. It employs 120 people.

Bam did not disclose the financial terms of the acquisition.

In a statement, Bam said it had a "significant opportunity [for both companies] to become the leaders in the use of modular construction for housing, student accommodation and hotels".

It added: "These sectors are an important part of Bam's current output.

"Both businesses plan to accelerate homebuilding activity in social housing and PPP contracts as well as in private developments in large population centres."

MHI is now expected to increase production capacity at its factory in Ballyjamesduff.

Bam said it would leverage its offsite production facilities in Veenendaal, in the Netherlands, to develop innovative elements for new-build and renovation projects in both the residential and non-residential markets.

Bam Ireland chief executive Theo Cullinane 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."

Original link - Construction News

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