The privately held construction group Siac has acquired an English structural steel business which serves the London market.

The purchase of Graham Woods Structural in Brighton represents an attempt by Siac to win business in the construction boom expected before the 2012 Olympic games in London.

The consideration was not disclosed, although Siac is believed to have paid less than £10 million (€14.78 million) for the business.

In business since 1992, Graham Wood Structural says on its website that its turnover last year exceeded £17 million.

The business has an operating profit margin of 5-10 per cent, it is understood.

"We're delighted because it gives us another opportunity to realise synergies in our group," said Siac chief executive Finn Lyden.

Construction News in Britain says the company was the 14th-largest steel fabrication business in that market last year, up from 21st place in 2005.

Siac already owns another steel business in Gloucester - Bison Structural Steel - but it is smaller than Graham Wood.

News of the deal comes a day after Fermanagh-based brothers Ernie and Ivan Fisher sold their steel fabrication business, Fisher Engineering, to British competitor Severfield-Rowen for £90 million in cash and shares.

Siac is among the oldest and biggest Irish construction firms. Company managers increased their stake in the business to 30 per cent last year from 10 per cent.

The remainder is owned by the Feighery family, which has controlled the former South of Ireland Asphalt Company since 1913.

The business had a turnover of €239 million and earnings before interest, tax, depreciation and amortisation of €12.37 in 2005, the last year for which figures are available.

The firm has been a big beneficiary of the construction boom. Work on motorway building and private ventures such as the Newbridge Shopping Centre and the Fab 24 plant at Intel in Leixlip, Co Kildare, drove growth at the firm.