John McGinnis of McGinnis group house builders
PROMINENT Derry property developer, McGinnis, has successfully re-financed its operations by securing the return of the control of assets, previously adopted by Nama, from affiliates of US-based Cerberus Capital Management.
Cerberus had previously bought the former Nama portfolio, including a number of McGinnis interests, last year.
John McGinnis, CEO, McGinnis Group, said: “This transaction is a hugely positive development, not only for McGinnis, but also for the wider Northern Ireland economy.
“It is a clear indication of the increased optimism and confidence in the local construction sector and the expanding potential within the marketplace.
“The re-financing deal also confirms the confidence held by investors in McGinnis Group’s ability to deliver on its projects professionally and profitably.
“Throughout the recessionary period of the last five years McGinnis has continued to trade successfully.
“Although the Nama assets only formed part of the McGinnis Group interests, this refinancing deal now provides a more positive platform from which to advance.
“In the most challenging of business conditions McGinnis has been able to maintain much-needed jobs throughout the region but now will have greater opportunity to not only secure these jobs longer term but create more.
“The deal also leaves McGinnis Group better placed to undertake new projects and create fresh developments to meet enhanced demand in a resurgent economy. ”
The funding for the innovative deal was arranged by Earlsfort Capital Partners on behalf of its funding vehicle, Garrison Earlsfort Investments Limited.
Earlsfort Capital Partners is an investment manager backed by Garrison Investment Group, a US-based $4bn investment fund actively funding transactions in Ireland and the UK.
PriceWaterhouseCoopers were appointed as Corporate Finance advisors and A&L Goodbody as legal advisors by McGinnis
Earlsfort Garrison welcomed the deal arranged with the McGinnis Group, which ultimately will unlock the potential of the assets involved, and also provide an opportunity for the original holding company to actively participate in the planned long-term development and disposal of these interests.
The McGinnis Group, based in Eglinton, is approaching 40 years in business having been founded in 1978 by John Charles McGinnis.
It has continued to trade successfully throughout the most volatile decade experienced in the North’s construction industry.
Throughout this period McGinnis has continued to develop and market large-scale residential sites in South and East Belfast which are still ongoing.
The Group is consistently viewed as one of Northern Ireland’s top construction companies, having won numerous awards for its schemes including ‘Best Starter Home UK (2011 and 2012)’ – What House?, ‘NI Property Development of the Year’ – Irish and NI Property Awards, ‘Best Residential Developments’ – UK Property Awards and ‘Quality Award Winning Site Manager’ – NHBC Pride in the Job Awards.
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