Lagan Investments takes over English timber firm
An investment fund led by well-known businessman Kevin Lagan and his sons has snapped up a timber company in England.
Lagan Investments said it has acquired a majority stake in Frame-Tech Structures in west Yorkshire. Kevin Lagan sold the majority of his businesses last year to Breedon Group plc for £455m, but set up Lagan Investments to put money into other businesses.
The family own house-builder Lagan Homes and also runs a business building timber houses, FastHouse in Limavady.
Lagan Investments said the purchase would bring "excellent synergies" with FastHouse - which recently completed work on holiday lodges at the new Center Parcs site in Co Longford.
Frame-Tech has annual turnover of around £13m and reported pre-tax profits of £2.7m for the year ending June 30, 2018.
Director Peter Lagan said: "The acquisition of Frame-Tech provides us with the opportunity to expand our timber frame representation into the north of England.
"The company has a young, enthusiastic and dynamic management team and we feel very confident that we can work together to grow the business further.
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"Given the ever-increasing demand for off-site manufacturing, and the need to address the shortage of homes throughout the UK and Ireland, we intend to collectively grow our market share and consider further acquisition opportunities."
Frame-Tech employs around 60 people and installs around 1,000 homes per year.
Jamie Atkinson, managing director of Frame-Tech Structures, said: "This new investment by Lagan will allow us to take the business to the next stage, expanding both our product offering and geographical coverage.
"Having worked closely with Kevin and the Lagan management personnel over the past few months, we are very confident that our talented teams can work together to deliver value for money solutions for both existing and new customers.
"We also envisage exciting opportunities to work closely with the Lagan-owned FastHouse operation."
Recent Frame-Tech projects include social housing developments and a Premier Inn hotel.