The amount of the deal was not disclosed. In conjunction with the deal, Mike Stansfield, former CEO of David Wilson Homes, has been appointed as an independent Non-Executive Chairman, while Paddy Graham, BGF investor, and Ciaran McGivern, former Head of Business Banking with Bank of Ireland NI, will also join the board of the company.
The company intends to use the funds to develop its residential properties across existing and new sites.
Led by founder and Executive Chairman Patrick McGinnis and his son, Managing Director Joe McGinnis, Braidwater has been designing and building two to five bed family homes across Northern Ireland. Four developments are currently underway at Bedford Meadows, Antrim, Drenagh Park, Limavady, Leighinmohr Crescent, Ballymena and Fort Manor, Dundonald, with two more projects due to commence shortly.
Following the deal, Braidwater’s social housing division will become a separate family company, BW Limited, which will continue to undertake project management and construction in the social housing sector.