Contractor and fit-out specialist ISG has purchased a majority stake in ESS Group, in a transfer geared toward rising its enterprise.
ESS Group, which has headquarters in Manchester and Dublin, is a specialist in fashionable strategies of development (MMC). It employs 280 workers throughout 4 places of work and three manufacturing amenities within the UK and Eire.
ISG stated the deal has given its wider enterprise a further MMC functionality. The agency added that ESS Group will likely be impartial in operation, however with monetary backing from ISG. The group’s MMC enterprise will proceed to have a “core focus” on public sector tasks.
Alongside ESS Modular, the group additionally consists of Spatial Initiative, which it acquired in June 2020. The UK-based school-building firm has received locations on a number of Division of Training frameworks.
ISG chief govt Matt Blowers stated the funding in MMC was necessary for reaching its net-zero objectives. MMC principally entails offsite development and fewer labour, and cuts down on embodied carbon within the development course of.
“The ESS Group brings a wealth of experience, expertise and innovation into ISG, and allows us to collectively fast-track our journey creating and implementing modern constructed options which are rooted in operational efficiency and the very best sustainable and moral outcomes,” he stated.
ESS chief govt Paul Tierney (pictured) described the ISG funding as “a pivotal second” for the group. He added that it gave the specialist a “stable monetary platform” to hold out its plans for progress throughout the UK and Eire.
In 2016, ISG agreed to a takeover by the US fairness agency Cathexis. The contractor was then led by Paul Cossell until the chief executive stepped down late last year. In its newest outcomes for the yr ending 31 December 2020, income dropped by half a billion kilos to £2.04bn, because of the impression of the COVID pandemic. It remained worthwhile, reporting an £8.9m pre-tax revenue for the yr.