Cabot Square Capital LLP, a leading provider of investment capital to growth companies in the UK and Western Europe, is pleased to announce the closing of its debut £140 million single asset Continuation Fund, CS Capital Partners CV I LP.

The Continuation Fund acquired all of the interests in Premier Modular Limited held by Cabot’s fifth fund (“Fund V”) together with a portion of MML Keystone’s (“MML”) interests. In August 2023, Fund V sold a 46% co-controlling stake to MML, which remains a significant investor in Premier Modular.

Premier Modular is the UK’s leading provider of premium leased and permanent modular buildings, primarily serving social infrastructure end markets. Since Cabot’s acquisition of Premier Modular in February 2021, the business has delivered strong organic growth, with EBITDA increasing by more than 400% over the hold period.

The transaction follows the recent refinancing of Premier Modular in June 2026, which raised £360 million from a group of leading European infrastructure lenders including significant committed funding for Premier Modular’s investment programme.

The Continuation Fund was significantly oversubscribed, attracting strong demand both from dedicated infrastructure- and buyout-focused investors. Ultimately, the transaction was underwritten by funds managed by StepStone Group Inc as sole lead investor.

Keith Maddin, Partner at Cabot, commented:

We are incredibly pleased to have completed this transaction and delivered these returns to Fund V investors whilst simultaneously continuing our partnership with Premier Modular and MML. We would like to thank both existing and new investors for their support throughout the process.

James Page, Partner at Cabot, added:

This transaction is a strong endorsement of the progress made by Premier Modular to date and of its future prospects under Cabot’s continued ownership. The Continuation Fund, alongside the refinancing, provides a robust platform to capture the next exciting phase of Premier Modular’s growth.

David Harris, CEO of Premier Modular, said:

The business has progressed remarkably under Cabot and MML’s ownership, and we are delighted to continue this partnership.

Houlihan Lokey acted as exclusive financial adviser and Stephenson Harwood acted as legal counsel on the transaction. Jefferies advised on the refinancing.

About Premier Modular

Premier Modular is a leading modular building rental and sales business based in Yorkshire, UK, serving customers across the UK and Europe. The business maintains a fleet of ~5,000 high specification modular units which it provides to customers primarily in social infrastructure end markets.

About Cabot Square Capital LLP

Cabot Square Capital is a mid-market private equity fund manager focussed on cash-yielding assets (real assets, infrastructure and credit) and related services businesses in Western Europe. Established in 1996 and headquartered in London, Cabot Square Capital is currently managing its fourth and fifth private equity funds in addition to the Continuation Fund.

About StepStone Group

StepStone Group Inc. (NASDAQ: STEP), is a global private markets investment firm focused on providing customized solutions and advisory and data services to its clients. As of June 30, 2026 StepStone was responsible for approximately US$885 billion of private markets allocations, including approximately US$143 billion in infrastructure and real assets. StepStone invests across all private market strategies, including primary investments, secondary transactions, and co-investments, and in all major geographies and sectors.

Premier Modular, the UK’s leading provider of high-quality modular buildings for social infrastructure, backed by Cabot Square Capital and MML Capital Partners, announces the successful closing of a £360 million refinancing package comprising a term loan, capex facility and revolving credit facility.

The transaction was strongly supported by a syndicate of leading European infrastructure lenders, reflecting deep lender confidence in Premier Modular’s business model, the quality of its fleet and the structural growth dynamics of the UK and Western European modular building market. The financing attracted significant interest across the lender community, underscoring the strength of the Company’s credit profile and growth trajectory.

The new facilities provide Premier Modular with an enhanced capital structure to fund continued investment in its fleet, pursue selective growth opportunities, continue expansion into Western Continental Europe, and serve its expanding customer base across the education, healthcare and infrastructure sectors.

David Harris, Chief Executive Officer of Premier Modular, commented:

This refinancing is an important milestone for Premier Modular and reflects the confidence our banking partners have in the business. We have built a market-leading platform with a high-quality, modern fleet and a long-standing customer base, and this financing gives us the firepower to continue investing in that platform. Demand for flexible, high-quality modular space in the UK has never been stronger, and we are well positioned to capitalise on that opportunity.

A Platform Built for a Growing Market

The UK modular buildings market is benefiting from strong structural tailwinds, driven by sustained investment in social infrastructure and increasing demand for flexible solutions. Government-backed programmes across education, healthcare and infrastructure (including data centres and energy transition-related projects) are providing a large and visible pipeline of demand, with modular solutions increasingly preferred given their speed of deployment, cost efficiency and scalability. Customers are also increasingly turning to modular solutions for their strong sustainability credentials, with offsite manufacturing and a circular asset model enabling modules to be reconfigured and redeployed over their lifecycle, reducing waste and lowering whole-life carbon intensity relative to traditional construction.

Against this backdrop, Premier Modular is strongly positioned as a leading premium provider within the sector. The Company operates a large, modern fleet and has a proven track record of delivering complex, multi-year projects for public and blue-chip private sector clients. Its leasing-led model generates high-quality, recurring revenues, underpinned by long-standing customer relationships and strong forward visibility.

The Cabot team was Keith Maddin and James Page.

Cabot Square Capital today announced that it had completed the sale of Lendco Limited to Cerberus Capital Management, L.P. 

Lendco is one of the UK’s fastest-growing specialist Buy-to-Let and Bridging lenders. Since its establishment in 2018 as part of another Cabot portfolio company - SPF Private Clients - it has lent nearly £3 billion supported by seven public securitisations, several private warehouse and forward flow facilities. We had previously sold the other part of the group - SPF Private Clients, a mortgage broker - to Howden in 2022.

Simon Knight, CEO of Lendco, said:

“The whole Lendco team is super excited for the next chapter. We have had a great partner in Cabot who helped build this business from a standing start.”

 Tarun Sharma, Partner, Cabot, added:

“It has been a privilege to partner with Lendco. Over the past eight years under our ownership Lendco has achieved tremendous growth and success. We are confident the business will continue to flourish as part of the Cerberus investment portfolio.”

About Cabot Square Capital

Cabot Square Capital is a leading mid-market private equity fund manager focussed on cash-yielding assets (real assets, credit, infrastructure) and related services businesses in Western Europe. Established in 1996 and headquartered in London, Cabot Square Capital is currently managing its fourth and fifth private equity funds.

About Lendco

Lendco is a specialist Buy-to-Let and Bridging Lender. The company has around 60 employees and is based in London. It originates loans through registered intermediaries.

 About Cerberus Capital Management

Founded in 1992, Cerberus is a global alternative investment firm with approximately $70 billion in assets across complementary credit, real estate, and private equity strategies. Cerberus invests across the capital structure where it believes its integrated investment platforms and proprietary operating capabilities can help improve performance and drive long-term value.