The specialist piling division of Dew Construction, which went into receivership last month, has been sold to Belfast-based Lagan Holdings.
Dew Piling was sold by receiver Ernst & Young for an undisclosed sum, and 25 staff were transferred with the company.
The acquisition gives Lagan a foothold in the UK piling market, which will complement its presence in the Irish market through subsidiary FK Lowry Piling.
Lagan operates across Ireland, has an office in Cumbria and a presence in the Caribbean. One of its most recent contract wins was its appointment to carry out a runway resurfacing project at Luton airport. This is a six-week project expected to be completed at the end of June.
Dew Piling is based in Oldham, near Manchester, and according to a spokesperson for Lagan will remain there for the immediate future. It will retain its trading name.
Dew Construction went into receivership because of a £29m pension deficit at its parent company Dew Pitchmastic, and losses on a job in Gibraltar.
The acquisition gives Lagan Holdings a foothold in the UK piling market
Hugh Grayson, the chief executive of Dew Pitchmastic, made a last-minute attempt to sell the business to two other companies, one of which is thought to have been Balfour Beatty. When this was unsuccessful, he was forced to call in the receivers to take over at Dew Construction and Dew Remediation.
The company's waterproofing business, which is based in Sheffield and employed 14 staff, was sold to GJP Holdings, a specialist construction group, for an undisclosed fee.
About 290 jobs have been lost so far at Dew Pitchmastic.