New funding enables house builder Braidwater merger
House builder Braidwater has said it is merging with a sister company to form Braidwater Group.
Braidwater, which is based in Londonderry, said that forming a group company with BW Homes & Construction would help drive growth across its combined markets.
Investor BGF, which has previously given financial backing to Braidwater, has now provided follow-up funds to enable the deal to take place.
The family-owned business was founded over 40 years ago by Patrick McGinnis, who now runs it with his son Joe.
Following the merger, the combined group will have revenues of more than £45m and around 100 staff working in its private and social housing divisions.
BW Homes & Construction has concentrated on social housing and commercial developments over the past 25 years. In total, the two companies are working on eight live sites, with more in the pipeline.
Last month Braidwater was named as the top ranked local company on the annual Sunday Times Virgin Atlantic Fast Track 100 listing of the fastest growing UK businesses.
Joe McGinnis said: "We have now decided that the time is right to bring these two thriving businesses together once more under the banner of Braidwater Group.
"With the continued backing of investors at BGF, the merged companies will align the strong experienced teams in place and allow us to make the most of current social and private housing pipelines.''
Patrick Graham, head of central Scotland and Northern Ireland for BGF and board member of Braidwater, said: "BGF has been delighted to see the growth of Braidwater since we first invested in the business in 2015.
"It has a large secured pipeline of development plots and is actively looking for further private and social opportunities.
"Bringing the two businesses together is a strategic move that will help Joe and his team continue to deliver on their growth ambitions."