Saturday 16 February 2019

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Cork Independent

Home & Property

BAM acquires stake in modular homes company

Wednesday, 6th February, 2019 4:43pm

BAM now has a stake in a leading modular homes provider who construct steel-framed homes and commercial buildings. The units are 95 per cent constructed before leaving the factory.

BAM has said that it has taken the strategic step with Modern Homes Ireland (MHI) to enhance and maximise business opportunities for both companies in the Irish construction sector.

In a statement, BAM said that the “financial terms of the transaction are not disclosed”.

With the growing demand for housing, increasing industry resource constraints and the rising level of public and private investment in social and private homes, there is a significant opportunity, BAM said, for both to become the leaders in the use of modular construction for housing, student accommodation and hotels.

The BAM statement said: “These sectors are an important part of BAM’s current output. Both businesses plan to accelerate home building activity in social housing and PPP contracts as well as in private developments in large population centres. The benefit of off-site fabrication is a significantly faster build time than traditional construction.”

Confirming the investment, BAM Ireland CEO 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’.”

MHI Joint Managing Director Chris Curtis said: “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.”

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