InnovativeBuilding Systems Finalizes Acquisition of Handcrafted Homes

Premier Custom Modular Manufacturer in the U.S. Broadens its Market Reach

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 completed the previously announced transaction wherein IBS has acquired HandCrafted Holdings and its subsidiaries (“HandCrafted Homes”), and in exchange CoveView has received a minority ownership interest in IBS.

With the addition of Handcrafted Homes to its family of companies, IBS has further advanced its position as the premier manufacturer of quality custom modular homes throughout the United States. The acquisition will broaden the manufacturing support and service level to the customers of both IBS and Handcrafted Homes. IBS plans to maintain the Handcrafted Homes brand name and upgrade the Handcrafted Homes facilities.

"This transaction is very positive news for our customers, employees and business partners,” said Steve Scheinkman, President and CEO of IBS. “Handcrafted Homes 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. We are also delighted with our new relationship with CoveView that has grown during the process of completing this transaction and look forward to working with them 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 Homes 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 Homes will fit in perfectly to continue the IBS success story.”

About Innovative Building Systems

Innovative Building Systems (IBS) is the leading custom modular home producer in the U.S., operating factories in Maine, Pennsylvania, New York, Virginia, Indiana, and Iowa. It markets its single family homes under the brand names Excel Homes, All American Homes, Modukraf Homes, Future Homes Technology and Keiser Homes. It’s multi-family and commercial buildings are constructed at all seven facilities under the brand Innovative Design and Building Services (IDBS).

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.

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.