UK-based private equity firm, Elaghmore Partners, has acquired Alucraft Group, an Irish designer, manufacturer and installer of architectural glazing systems.
Founded in 1975, Alucraft Group, headquartered in Dublin, has earned a reputation for delivering a quality service to its customers and has provided the facades to many high-profile construction projects.
In Dublin, these include the Vertium building, the new headquarters for Amazon, the headquarters of Lidl Ireland and LinkedIn EMEA.
Alucraft has worked on major buildings such as the Gateway Building at Salford University, Byron House in Nottingham and Tata Steel in Birmingham.
Alucraft is the fifth and largest acquisition made by Elaghmore so far from its initial private equity fund, Elaghmore I (Fund 1) which closed at the end of 2016, raising £60m. The fund was oversubscribed, and the investors are a mixture of US and European institutions. The investment strategy of Fund 1 is focused on industrial businesses that present a significant opportunity for growth and value creation.
Andy Ducker, founding partner, Elaghmore, said: “Alucraft is a successful, profitable company which has built a market-leading position in Ireland manufacturing and supplying architectural glazing systems to some of the biggest property developments in the country.
“It has built its position on the quality of its work and the strength of its relationships with customers. Ireland is an exciting market with high-profile tech companies establishing headquarters there with more opportunities for Alucraft expected as financial services look to build operations in the country post-Brexit. We are excited about working with the talented team at Alucraft to help fulfil their ambitions.”
Elaghmore will provide financial backing to deliver the next phase in Alucraft’s growth strategy, including expanding its UK operations to grow its market share and increase the opportunities for cross-selling between the different subsidiaries of the group.
Commenting on the transaction, Jack McHugh managing director of Alucraft said: “We are very excited about the future of Alucraft and the opportunities we see to expand the business both in Ireland and the UK. We chose to partner with Elaghmore, which has a strong record of supporting the growth of SMEs and providing non-executive expertise to add even greater value.
“We are looking forward to embarking on the next phase of our growth journey and building the capabilities required to expand our business, while continuing to deliver the high-quality products and services our customers are accustomed to.”