Monday, February 17, 2014

Great News for the Modular Housing Industry

It was just announced that ownership of Innovative Building Systems is now in the hands of two modular home people that have contributed to its current success who along with current owner, H.I.G. Capital, will continue to make IBS a stronger part of the modular home industry.

Modcoach wishes them the best!

February 10, 2014
Dear Valued Employees, Customers, Vendors:

Innovative Building Systems is pleased to announce that Steve Scheinkman and Jeffrey Samson, business partners of over 30 years, have made a significant equity investment into the Company. Over the past four years the management team and H.I.G. Capital have partnered to transform the business that was hard hit by the housing crisis to the profitable and growing business it is today. The recent equity investment is both a vehicle to provide liquidity to H.I.G. Capital with regard to their ownership of the Company and greatly improves the Company’s balance sheet. Additionally, as a result of the investment, Mr. Scheinkman and Mr. Samson will become the majority shareholders in Innovative Building Systems with H.I.G. retaining a significant minority stake.

Steve Scheinkman

Innovative Building Systems remains the largest custom modular home builder in the United States, operating five factories under several brands including Excel Homes, All American Homes, Modukraf Homes, and the recently acquired business of Keiser Homes in Maine. Innovative’s factory footprint allows it to deliver custom homes and commercial structures, such as dormitories, apartment buildings, schools, and medical facilities, to more than 30 states reaching 60% of the U.S. population. The commercial and multifamily business is managed through the Innovative Design and Building Services group (IDBS).

The existing management team will continue to guide Innovative Building Systems with Steve and Jeff serving as Managing Partners. Steve and Jeff have been involved together in several businesses over the past 30 years, most notably in the metal service center industry where they both worked together holding Senior Executive positions. Steve will continue in his current role with Jeff leading the Company’s new initiatives in information technology and business development.

Steve and Jeff commented that “we are both looking forward to developing exciting growth

opportunities in new geographic areas as we did in our previous businesses and are very excited to continue to work with all of our key partners to continue to grow our business and the modular home industry as a whole”. 

1 comment:

Anonymous said...

Where are all the comments now from the worried competition of Excel? I've heard for over a year now how excel is going out of business so get out there and grab their builders. Even some General Managers have said that, because they have inside information from friends that work at Excel.

I guess they are back peddling now, and worried about how they will compete head to head with Excel. PA companies will have to drop prices to compete in ME and CRM program offerings won't help.

Time will tell!