Building for bigger future after buyout
AN EAST Yorkshire company has its sights set on further expansion after being bought by a South African consortium.
Premier Interlink (Waco UK Ltd) in Brandesburton is one of the UK's largest manufacturers and suppliers of multi-storey buildings and cabins.
Over the past 18 months, the company has completed more than £20 million of work linked to the Olympic and Paralympic Games, in addition to lucrative contracts secured in the public and private sectors.
Now Premier Interlink has been bought by a consortium led by Ethos Private Equity, which includes Standard Bank and FirstRand Group.
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Eugenio de Sa, managing director of Premier Interlink, said the move marked the start of an exciting new chapter in the firm's history.
He said: "This is a very exciting development for Premier Interlink, providing us with increased security during very difficult times.
"As the economy improves we will attract increased investment from our new shareholders.
"As results improve we will expand our footprint, resulting in more jobs in the region and more work for local suppliers and subcontractors."
As a leading specialist manufacturer of steel and timber-framed buildings using off-site construction methods, the company is a significant employer, with more than 130 permanent staff – a figure regularly topped up with temporary workers.
Operating from a manufacturing base on the former Catfoss Airfield, Premier Interlink has been doing business in the UK for the past 60 years and is now a notable provider of buildings for the education, healthcare, custodial, accommodation, construction, retail and hotel sectors.
This year, the company expanded its portfolio after acquiring the intellectual property rights of Britspace.
Stephen Goodburn, chief executive of Waco International, said: "Our private equity partners have positioned Waco's balance sheet to ensure we are able to fund continued growth.
"Over and above organic growth, Waco now has the ability to finance key targeted acquisitions.
"Besides this, as always, our focus will be on providing excellent service to all of our customers, ensuring that the work gets completed to the best possible standard and with the highest regards to safety standards."
Waco has been private equity-owned since 2000. This latest transaction follows the successful sale in 2011 of the group's Australasian relocatable modular building business, Ausco Modular.