Lagan starts investment fund with sale proceeds
Businessman Kevin Lagan is launching an investment fund with some of the cash from the €520 million sale of his building materials company.
Mr Lagan sold the Belfastbased Lagan materials business to British group Breedon in April for £455 million (€527 million) but kept some other operations, including his company’s housebuilding firm.
He and sons Peter and John are launching a new business, Lagan Investments, which they intend will seek opportunities in a variety of industries.
“Lagan Investments has already injected capital into several diverse sectors including real estate, distribution and tourism,” Mr Lagan said yesterday.
Housebuilder Lagan Homes – one of the operations Mr Lagan kept – plans to expand south and is on the hunt for suitable sites, including in Dublin’s commuter belt, where demand for land and housing is high.
A third company, Fasthouse, is close to completing 466 holiday homes at Ireland’s first Center Parcs resort in Co Longford. Fasthouse can build timber-frame homes to a watertight stage in just two days. Mr Lagan established the business in 2016 and it has been growing rapidly since then. It is separate from the Lagan group.
The businessman pledged to remain involved in all the businesses in the future.