Northern Ireland-based housebuilder Braidwater has announced that it is to merge with its sister company BW Homes & Construction to form Braidwater Group, a move which the company believes will help drive growth across its combined markets. BGF has provided additional capital to the business to facilitate the transaction.
Braidwater is a family-owned business that was founded more than 40 years ago by Managing Director Patrick McGinnis. It was the first Northern Ireland business to receive investment from BGF in 2015. This second round of follow-on investment into the company will be used to facilitate the merger.
“We have now decided that the time is right to bring these two thriving businesses together once more under the banner of Braidwater Group,” said Director Joe McGinnis. “With the continued backing of investors at BGF, the merged companies will align the strong experienced teams in place and allow us to make the most of current social and private housing pipelines.’’
Patrick Graham, Head of Central Scotland and Northern Ireland for BGF and board member of Braidwater, said: “BGF has been delighted to see the growth of Braidwater since we first invested in the business in 2015. It has a large secured pipeline of development plots and is actively looking for further private and social opportunities. Bringing the two businesses together is a strategic move that will help Joe and his team continue to deliver on their its growth ambitions.”
Following the merger, the combined group will have revenues of more than £45m and around 100 staff working across its private and social housing divisions. Joe McGinnis will become CEO of the overall group and the board will expand to include new Group Financial Director Dermot Mullan and Vincent Bradley, Development Director alongside existing directors Ryan Boyle, Chief Operating Officer and Finbarr Grogan, Planning and Technical Director.