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.
