Modular Group Investments (MGI), a group of businesses in the UK offsite and modular manufacturing sectors, has completed the next stage of its acquisition strategy by purchasing the entire share capital of Rapid PVCU Systems, a 12-year-old fenestration fabricator in Doncaster, South Yorkshire. The acquisition follows the recent purchase of 3,000-frames-per-week fabricator Euramax Solutions, creating a combined fenestration business with 2021 revenues forecasted around £40m and with customers across leisure, MMC, retail merchants and new build. The transaction closed on 1 April 2021. MGI were advised by Hempsons (legal), TML Finance and Advisory (finance) and TC Group (accounting).
Michael Garratt, MGI’s founder/CEO, said: “This exciting acquisition will significantly increase the productive capacity of the MGI fenestration business and diversify the customer base. It will also allow Rapid to expand and develop to better serve the needs of its customers. We are delighted to be working with the experienced fabrication and installation teams at Rapid and look forward to a bright future together.”
Nick Cowley, MGI’s managing director, added: “This acquisition will create integration, scale and diversification benefits across our fenestration businesses and provides MGI a larger capacity to develop new products, to deliver unrivalled excellence and to work closely with customers to meet their changing needs.” Chris Butters, MGI’s chair, stated: “We are delighted to have added Rapid to our group, and look forward to further transactions which will add value to our strategic positioning in the quickly growing offsite/MMC sector. We believe that the long-term needs across UK housing and construction sectors will support the momentum and innovation which fuels the very strong demand traction where MGI operates.”
