Champion Enterprises buys modular building specialist for an undisclosed sum.
Modular building specialist Caledonian Building Systems has been sold to US firm Champion Enterprises for an undisclosed sum.
The sale follows a management buy-out in November 2003 at the firm, which specialises in off-site construction of steel-framed buildings. The MBO was backed by private equity group Dunedin Capital Partners.
There will be no management changes following the sale to Champion Enterprises. Caledoion is planning to continue expansion, however, by building a new factory.
Dave Turnbull, managing director of Caledonian, said: "The new investment from Champion Enterprises, the largest modular builder in North America, replaces Dunedin's funding and represents a great opportunity for us.
"Champion offers Caledonian business synergies, financial strength and long term support to continue the development of our modular business: we are planning to build a fourth factory during 2006 adding another 33% to capacity."
Brian Scouler, managing director, portfolio at Dunedin said: "Caledonian has been an excellent investment for us. The management team has grown the business significantly and diversified into new markets including hotels and residential accommodation where they are now a UK modular construction market leader."