Royal BAM Group has acquired a non-controlling share in modular homes provider Modern Homes Ireland (MHI)
Modern Homes Ireland constructs steel-framed homes and commercial buildings within a precision-controlled environment with units being up-to 95% constructed before leaving the factory.
BAM has taken the strategic step with MHI – the only NSAI certified volumetric housing provider in Ireland – to enhance and maximise business opportunities for both companies in the Irish construction sector.
MHI was established in 2016 and has completed more than 400 residential units since then, mainly in the Leinster area, including a combination of social housing and high-end residential developments. Based in Ballyjamesduff, it employs 120 people with a current capacity of more than 500 units annually, 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.
Both businesses plan to accelerate home building activity in social housing and PPP contracts as well as in private developments in large population centres. This further development in its modular approach, reflecting the change in the industry and in line with BAM’s strategy Building the present, creating the future, enables BAM to offer its clients added value through high quality and rapid programmes.
Following BAM’s investment, Modern Homes Ireland will further increase its production capacity in Ballyjamesduff.
Theo Cullinane, CEO, 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’.”
Commenting on the deal, MHI Joint Managing Director Chris Curtis added: “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.
“This significant investment further confirms that off-site construction is the future of housing and that our firm is at the forefront. This collaboration is the foundation for an exciting future ahead for MHI.”