Housebuilder Glenveagh Properties plc has acquired Harmony Timber Solutions Ltd, a Wicklow-based timber frame manufacturer.
The acquisition is subject to approval by the Competition and Consumer Protection Commission.
Harmony employs c.50 people and operates from a facility in Arklow capable of producing 450 timber frames per year.
Glenveagh said the purchase will significantly increase its overall delivery capability. The company is targeting the supply of 3,000 new homes a year across its Suburban, Urban and Partnerships segments.
Glenveagh chief executive Stephen Garvey stated: “Harmony Timber Solutions is a great success story, and having worked with them for over five years I know they’re a highly capable team who will play a crucial role in Glenveagh’s plans to continue delivering new high quality, sustainable homes to our customers.
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“We have been investing prudently in taking greater control of our supply chain in recent years to help meet evolving customer needs and deliver quality, sustainable homes while controlling costs in the process. Harmony ticks all of these boxes.
“This acquisition will give us three major facilities in key locations, all within an hour’s drive of Dublin.”
Garrett Dempsey, founder and managing director of Harmony Timber Solutions, commented: “We are delighted to become part of the Glenveagh family and we look forward to playing our part in growing the business.
“We have developed a state-of-the-art facility with our talented group of people, which will now be focused exclusively on making innovative, high-quality timber frame homes for Glenveagh’s customers, helping to alleviate the ongoing supply shortage.”
Harmony Timber Solutions is owned by Demelgar Ltd (65%), Calava Ltd (25%) and Paul Lynch (10%). Lynch became a shareholder in 2020 after acquiring shares from Demelgar and Martin Williams.
Demelgar Ltd is owned equally by Garrett Dempsey and Melissa Dempsey, while Calava Ltd is owned by Martin Williams.
The three Harmony shareholders shared €2m in dividends from the company in 2020.
Harmony Timber Solutions booked a net profit of €2.3m in 2019 and €1.4m in 2020. Net worth in December 2020 was €4.2m.
Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, has a focus on three markets - suburban housing, urban apartments and partnerships with local authorities and state agencies.
The company is targeting to deliver 1,400 suburban homes in 2022.
Photo: Stephen Garvey
