The deal marks Elaghmore's fifth and largest acquisition made to date.
As part of the acquisition, 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. In addition, Elaghmore will use its contacts in the construction and housebuilding industry to help expand the customer base of Alucraft.
Founded in 1975 and headquartered in Dublin, Alucraft employs nearly 200 people and is Ireland's leading designer, manufacturer and installer of architectural glazing systems.
As well as architectural glazing systems, it stocks, supports and advises on a wide variety of thermo-plastic products, daylight solutions as well as smoke and heat ventilation systems through its wholly owned subsidiary, Williaam Cox, with offices and manufacturing facilities in Dublin and Tamworth, UK.
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The business will continue to operate autonomously headed by Managing Director, Jack McHugh.
Commenting on the deal, Mr McHugh 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."
Andy Ducker, Founding Partner at Elaghmore, added: "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."
(LM)
