Innovative Building Systems LLC (“IBS”), the leading custom
modular home producer in the United States and CoveView Capital Partners LLC
(“CoveView’), a private investment firm focused on middle market companies,
have announced today that they have reached agreement under which IBS will
acquire Handcrafted Homes (“Handcrafted”), a portfolio company of CoveView and
CoveView will receive a minority ownership interest in IBS.
Once the transaction is completed, with the addition of
Handcrafted to its family of companies, IBS will have further advanced its
position as the premier manufacturer of quality custom modular homes throughout
the United States .
The acquisition is intended to broaden the manufacturing support and service
level to the customers of both IBS and Handcrafted. IBS plans to maintain the
Handcrafted brand name and upgrade the Handcrafted facilities.
"This transaction is very positive news for our
customers, employees and business partners,” said Steve Scheinkman, President
and CEO of IBS. “Handcrafted has built a great reputation for quality custom
building which will allow IBS to better serve its growing business in the Mid- Atlantic and Southern Regions. Further, we are excited to
partner with an experienced investor such as CoveView as
we continue to grow our business”.
Dan Tredwell, Managing Partner of CoveView commented “We are
very pleased for this opportunity to convert our investment in Handcrafted to a
partnership with IBS. The first class IBS management team is building one of
the best modular homebuilders in the industry, and we know the great people and
customers of Handcrafted will fit in perfectly to continue the IBS success
story.”
The transaction is expected to close by December 15, 2014.
About Innovative Building Systems
For more information, please visit www.innovativebuildingsystems.com
About HandCrafted Homes
HandCrafted Homes is a recognized leader in custom built
modular homes, apartments and commercial buildings in the mid-Atlantic region
of the U.S.
The Company distributes its products through independent builders and
developers along with Company owned sales centers across North Carolina . The Company also produces
custom designed disaster replacement housing for the East Coast, as well as
modular buildings for government applications.
For more information, please visit www.handcraftedhomes.com.
About CoveView
CoveView Capital Partners, LLC is a private investment firm
focused on acquiring positions in middle market companies. The team has
significant experience investing across diverse industrial, manufacturing and
asset intensive industries. CoveView focuses on creating value through
partnering with management and supplementing investments with enhanced
operational, strategic, and financial resources.
For more information, please visit www.coveviewcapital.com
2 comments:
Consolidation continues - will this lead to national voices lobbying and promoting the industry and process with the general public; better communications in factory/builder relations; and more modern designs in offerings
It looks like at least one company believes in modular. This is probably one of the best things to happen in years.
There will be tons of money spent promoting modular homes by them and that will help the entire industry.
Congrats on extending your reach and becoming a national presence.
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