The construction firm Lagan Group has been sold to one of the biggest construction firms in the UK for £455m.
Breedon Group said the acquisition would allow it to enter the Irish construction market.
Lagan Group employs 750 people and made a profit of £46m last year.
The Lagan family business was formed in the 1960s but it was broken into two parts several years ago, with brothers Michael and Kevin Lagan going their separate ways.
This acquisition refers only to Kevin Lagan’s part of the business.
It concerns the building materials divisions, with Lagan Homes being retained by Kevin Lagan.
He thanked staff for their work in growing the company said he was confident Breedon Group would help build on that success.
He added that he would now pursue “a managed growth strategy” with Lagan Homes and FastHouse, a modular house business where he is the majority shareholder.
This deal follows the announcement in February that up to 200 jobs are at risk after it emerged four companies within Lagan Construction group are set to go into administration.
The four companies impacted by the move were:
- Lagan Construction Group Holdings Limited
- Lagan Construction Group Limited
- Lagan Building Contractors Limited
- Lagan Water Limited