Houlihan Lokey Advises Cabot Square Capital and Premier Modular

Houlihan Lokey is pleased to announce the successful completion of a ~£140 million single-asset continuation vehicle managed by Cabot Square Capital (Cabot) and established to support the continued growth of Premier Modular Ltd. (Premier). The transaction closed on 10 July 2026.

Cabot, headquartered in London, is a longstanding lower-middle-market buyout sponsor founded in 1995 with a focus on investing in hybrid infrastructure and financial services assets across the United Kingdom. Cabot boasts a multidecade track record of identifying mispriced, cash-yielding assets and scaling them for their next natural owner.

Premier, headquartered in East Yorkshire, is the U.K.’s leading provider of premium leased and permanent modular buildings, primarily serving social infrastructure end markets such as education, healthcare, and critical infrastructure. Since Cabot’s acquisition of Premier in February 2021, the business has decisively expanded its leasing activities and delivered strong organic growth, with EBITDA increasing by more than 400% over the hold period.

The continuation fund acquired all of the interests in Premier 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. The transaction achieved multiple strategic objectives for Cabot: realising an exceptional return for its Fund V investors, extending ownership of a top-performing asset, and supporting Premier’s management team in the next phase of growth.

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

The continuation fund was significantly oversubscribed, attracting strong demand both from dedicated infrastructure- and buyout-focused investors and commanding an accelerated timeline. The transaction was underwritten by funds managed by StepStone Group Inc. (StepStone) as the 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 while 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 the exclusive financial advisor to Cabot and Premier on the continuation vehicle.

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