Utilities and property services company Fastflow has moved into the affordable housing development market after buying Partner Group for an undisclosed sum.
Fastflow said its turnover would be boosted from £79m to £120m following the acquisition of Partner, a registered social housing provider based in the North-east that builds homes across the UK.
Partner has completed 2,000 units over the past seven years and holds an order book of more than £100m.
Fastflow’s acquisition has been backed by private equity firm Elysian Capital.
Its chief executive Neil Armstrong said: “For customers whose homes we currently maintain and repair, we can now help to deliver new-build housing targets.
“With our support, Partner can increase its service offer with additional capacity for new housing, backed by high-quality, focused, maintenance and repair programmes.”
Fastflow carries out infrastructure maintenance and upgrade works for Northumbrian Water and Scottish Water as well as National Grid, in addition to maintenance for housing associations in the South.
The company’s most recent accounts reported pre-tax profit of £9.3m with an order book worth more than £300m.