Private-equity backed building maintenance group Cardo has been in the acquisitions business since its formation in 2023 when social housing maintenance contractor LCB Group was sold by its founder, Liam Bevan, to private equity group Buckthorn Partners. Within two years it acquired Osborne Property Services, building maintenance specialist Jefferies Contractors in the Midlands, A&N Lewis in Wales, HeatCare Oil & Gas and Rodgers & Johnston in Scotland, Breyer Roofing and SERS Energy Solutions.
CTS Projects has become Cardo鈥檚 first acquisition on the island of Ireland. The acquisition includes both聽the UK-registered CTS Projects Ltd and聽CTS Projects Ireland Ltd, registered in the Republic of Ireland.
CTS delivers maintenance services to 65,000 properties in Northern Ireland and the Republic of Ireland. It was founded in 2006 by Connaire McGreevy when he was 24 years old. In the year to March 2024 CTS Projects Ltd turned over nearly 拢38m but made a pre-tax loss of 拢265,000. However, McGreevy says that the group made a profit when the Irish business's numbers are included.
鈥淛oining Cardo is a natural next step for CTS and an exciting opportunity for our team,鈥� McGreevy said. 鈥淲e鈥檒l be able to build on the strong foundations we鈥檝e established over many years, while opening the door to new expertise and large-scale growth. For our clients and supply chain partners, it鈥檚 business as usual - we鈥檙e the same dedicated team with the same commitment to quality.鈥�
He added: 鈥淏ecoming part of Cardo gives us greater resources to invest in our people, support local suppliers, and create new opportunities, from Waterford to Derry-Londonderry.鈥�
Cardo chief executive Liam Bevan said: 鈥淐TS has built a strong reputation across Northern Ireland and the Republic of Ireland, recognised for its commitment to quality, reliability, and community values 鈥� making this partnership a natural fit.
鈥淭his acquisition is an important step in our growth strategy, expanding our presence while ensuring that services continue to be delivered by local teams who understand and care for their communities.
鈥淭ogether, we can support local jobs, invest in skills, and build long-term partnerships that benefit clients, suppliers, and residents across the island of Ireland.鈥�
Got a story? Email news@theconstructionindex.co.uk
