Housebuilder Glenveagh Properties has acquired Wicklow-based timber frame manufacturer Harmony Timber Solutions for an undisclosed sum.
The acquisition of the company, which employs more than 50 people, is expected to significantly increase Glenveagh’s delivery capability, and accelerate the supply of new homes.
The Wicklow company operates from a purpose-built facility that can produce 450 high-quality timber frames per year.
“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,” said Glenveagh chief executive Stephen Garvey. “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.”
He said the acquisition would give Glenveagh three large facilities in key locations, within an hour’s drive of Dublin, and close to where the company is building its homes.
Founder of Harmony Timber Solutions Garrett Dempsey welcomed the deal. “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 continuing supply shortage,” he said.
The deal must be approved by competition authorities.
