Private equity house HIG Europe has acquired a majority stake in Austro-German prefabricated housing specialist Hanlo in a joint investment with Solidus Partners. The parties have agreed not to disclose the purchase price.
Hanlo produces both modular homes and commercial buildings, and turns over €60m. The firm will operate along with “Bau mein Haus” under the Green Building Group, a newly created partnership that aims to consolidate the European modular housing industry.
This is the second partnership between HIG and Solidus focused on German cleantech, following the acquisition of a stake in the recycling company Der Gruene Punkt in February 2011.
HIG and Solidus claim to have already identified other companies to bolt on to the group, and further acquisitions are planned over the next few months.
Modular building became increasingly popular prior to the financial crisis as the speed of construction and low production costs allowed firms to take advantage of high housing prices and the trend towards environmentally friendly living.