"We’re delighted to support Duke Street’s investment and back McAvoy’s next stage of growth"
- Navin Dabasia - OakNorth
OakNorth has provided a £7.5m super senior facility to support premium modular building company McAvoy, following its recent acquisition by European mid-market private equity firm Duke Street from Blantyre Capital. The loan will fund McAvoy’s ongoing working capital requirements as the business continues to grow under its new ownership.
Founded in 1972, McAvoy designs, builds and rents high-quality modular space solutions across the UK and Ireland. Its projects range from temporary modular structures to fully bespoke permanent buildings, with a client base spanning healthcare, education, pharmaceuticals and commercial property.
The company delivers turnkey modular solutions that comply with traditional building regulations while cutting delivery times by up to 50%. McAvoy’s precision-engineered modules are typically more than 70% complete before leaving its 70,000 square-foot purpose-built manufacturing facility in Lisburn, Northern Ireland. The site can produce up to 1,200 modules each year, positioning McAvoy among the UK’s largest modular building providers.
The firm employs more than 160 people across offices in Lisburn, Dublin, Birmingham, Bristol and London.
Since its establishment in 1997, Duke Street has invested over €3 billion across 60 businesses in Europe, achieving a 25% internal rate of return (IRR) for investors. Its investment strategy focuses on four key sectors: consumer, healthcare, industrials, engineering, and services. The McAvoy acquisition marks Duke Street’s second investment in social infrastructure, following its 2024 purchase of AGITO Medical.
“OakNorth demonstrated a clear understanding of McAvoy’s business dynamics and Duke Street’s growth strategy, which was crucial in ensuring a smooth and efficient process,” said Joe Thompson, partner at Duke Street. “The team brought a highly commercial mindset and maintained momentum at every stage, balancing speed with careful structuring. We’ve appreciated OakNorth’s collaborative approach and commitment to supporting McAvoy’s and Duke Street’s long-term success.”
“McAvoy is a high-quality business delivering essential infrastructure through a modern, capital-efficient model,” commented Navin Dabasia, debt finance director at OakNorth. “Its pivot to rentals has been highly successful, generating strong contracted cashflows, and the team’s manufacturing capability and sector alignment give them clear competitive advantages."
"In Duke Street, they have an incredibly strong sponsor with a long and successful track record of investing across the UK, Ireland, and mainland Europe. We’re delighted to support Duke Street’s investment and back McAvoy’s next stage of growth.”
