A South Korean construction group has bought a major stake in offsite volumetric specialist Elements Europe.
Elements Europe has over 15 years' experience in the off-site manufacturing and construction sector delivering more than 20,000 pods.
South Korean firm GS Engineering & Construction rapidly aims to scale-up Elements Europe's existing capacity funding a new factory in the Midlands.
It also plans further factories to meet demand as Elements Europe targets more turnkey projects from concept to completion and looks for joint venture opportunities.
In addition to hotels and student accommodation, Elements Europe has delivered over 500 apartments and homes in recent years including two 23-storey residential towers in Greenwich and Croydon.
Clients include BCEGI, Pocket Living, John Sisk, Robert McAlpine, Mount Anvil, Motel One and Premier Inn.
Yoon-Hong Huh, president of GS E&C, said: "We are excited to invest into Elements Europe, they have 15 years of experience and a track record of delivery.
"Added to that, they have built a successful platform and invested heavily into the development of their products, technology, design processes and people in order to support rapid expansion plans.
"We are confident that our investment in the business will enable substantial growth in Elements Europe's offering, maintaining and expanding their strong market position."
Simon Underwood, CEO of Elements Europe, said: "The additional investment into our company will transform the capacity of our business and comes at a time when the market is in need of increased output in this sector.
"GS E&C brings substantial strength and an ongoing, long-term commitment to invest into the business to meet this demand."
"2020 is the start of a new decade of opportunity for Elements Europe and GS E&C will be able to help the industry to move on from traditional methods.
"As demand continues to increase in the markets in which we operate there is room for a new generation of organisation."
