Source: Sharecast
Founded in 1997 and based in County Cork, Cygnum delivers made-to-order offsite timber frames to developers and contractors in the Irish market. Its unaudited 2025 revenue and adjusted operating profit were €45.6m and €7.9m respectively, Grafton said on Monday.
It added that the purchase price was "in line with market precedents" and the deal should be earnings-enhancing in its first full financial year after acquisition, noting that modular construction was one of the fastest growing building methods in Ireland's new homes market as the government addresses a housing shortage.
"According to the Irish Timber Frame Manufacturers' Association, the proportion of timber frame solutions used in low-rise housing schemes was 37% in 2019, while data from the Department of Housing, Local Government and Heritage indicates that in the second half of 2025, 61% of homes in scheme developments had notified the intention to use timber frame construction," Grafton said.
"With just over 36,000 homes completed in Ireland in 2025 and a government target of 60,000 homes to be completed annually by 2030, Cygnum is an exciting addition to Grafton's portfolio in the Island of Ireland segment."
Grafton said it would operate Cygnum as part of Chadwicks Group, its distribution business in the Republic of Ireland. The existing management team will remain with the business.
Reporting by Frank Prenesti for Sharecast.com