Purchase of timber home firm Century Homes for £67m will rapidly expand Kingspan’s off-site division.
The Kingspan Group has acquired Irish timber homes manufacturer Century Homes for £67m.
Century is Ireland's leading manufacturer of timber frame houses, operating from locations in Ireland and Britain.
Kingspan said that the acquisition will allow it to increase its product ranges within the off-site construction sector in Britain & Ireland.
Century is opening two further manufacturing sites in the in 2005, which Kingspan said would lead to further growth. Century’s senior management team will work with Kingspan management on the growth strategy.
Kingspan CEO Gene Murtagh said: “The acquisition, when combined with Kingspan's existing off-site operations, will vastly enhance Kingspan's capability to become the leading player in the off-site low energy home construction market in the UK and Ireland.”
“Gerry McCaughey, CEO of Century Homes, and the Century team will bring valuable insight and leadership to our strategy for this sector.
In 2004 Century had aggregated revenue of £46.23m and earnings before interest, taxes, depreciation, and amortization of £7.7m.