Braidwater merges with BW Homes & Construction to form Braidwater Group
DERRY house-builder Braidwater has become the latest company to receive a significant cash injection from BGF, an investor in small and mid-sized businesses.
It comes as the company, founded more than 40 years ago by the McGinnis family, confirmed it would merge with its subsidiary BW Homes & Construction to form Braidwater Group.
BGF has provided additional capital to facilitate the transaction, and this is expected to help the enlarged entity drive growth across its combined markets.
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.
Managing director Patrick McGinnis and his son and fellow director Joe have taken the company from strength to strength (last month it was the top ranked Northern Ireland company on the annual Sunday Times Virgin Atlantic Fast Track 100 listing).
Over the past three years, sales have grown an average of 72 per cent a year, reaching £24.1m in the year to last March.
Braidwater was the first Northern Ireland business to receive investment from BGF in 2015, and this second round of follow-on investment into the company will be used to facilitate the merger.
With a significant pipeline for new private and social homes over the next three years, the directors now plan to build on this growth and success with a merger will help to maximise operational and commercial synergies across the businesses.
“The time is now right to bring these two thriving businesses together under the banner of Braidwater Group,” said 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: “We've 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.”
While Braidwater is best known for its family homes across the north, BW Homes & Construction has concentrated on social housing and commercial developments.
The two companies are currently working on eight live sites, with more in the pipeline.
Braidwater Homes currently has properties for sale at Birch Hill in Derry and Castlehill in Belfast, while developments at Beech Hill View and Gleann Elagh in Derry and Ballyquinn in Limavady, will be released in the coming year.
BW will continue to work in partnership with leading housing associations including Apex, Clanmil, Connswater & Radius to build social housing schemes.