A multinational construction materials company has announced the acquisition of Evolusion Innovation, a Cork-based consultancy specialised in Modern Methods of Construction (MMC).
Etex, a Belgian construction group has taken a majority stake in the offsite design and engineering consultancy company.
It is understood the acquisition was agreed a number of weeks ago before its formal announcement this morning.
The acquisition of the Cork consultancy is part of Etex's strategic move into design expertise as part of an expansion in its New Ways division.
Established in January 2020, Etex's new division focuses on the offsite construction of materials and designs for projects in South America and Europe.
Evolusion Innovation has expertise in modular construction and local building capacity and is aiming for a global expansion of its services.
Founded by CEO Declan Wallace 10 years ago, Evolusion Innovation has headquarters in Innishannon, Co Cork, and Birmingham, England.
The construction consultancy received support from Enterprise Ireland and the Local Enterprise Office in Cork and now employs more than 40 people across both of its offices.
Mr Wallace hopes to soon expand their workforce further with recruitment set to follow the announcement from Etex and employ as many as 60 people by the end of the year.
Speaking to the, Mr Wallace said the partnership with Etex is an exciting development from Evolusion and that the acquisition opens new opportunities for the company.
Mr Wallace said Evolusion aims to become a truly global business as a result of the partnership.
"This strategic partnership with Etex will provide a platform for Evolusion to become a global player and allow us to invest in scaling our team to meet demand from the MMC industry for our services.
"Evolusion will continue to service and grow our existing client base by continuing to enhance our service offering while focusing on real value for our clients,” he said.
The Cork construction company provided design expertise and component consultancy services last year as part of the development of the 101 George Street scheme in Croydon, London-the world's tallest modular building.
Among the other services, Evolusion provides structural engineering design, building information modelling (BIM), building physics, sustainability services, acoustic, fire and thermal performance analysis, building regulation compliance consultancy and quality engineering.