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
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.
2 comments:
OH, I'd LOVE to leave a comment!
I have a home that was built in the HCH factory in Henderson during the time that IBS was in the process of acquiring HCH. I may be wrong, but I believe that our home was one of the last homes to be built in that factory. We paid our deposit in August and still are not in our home (we are at the end of April!) I would love to know if anyone else is in the same situation. If so, please email me at noelwoolard@yahoo.com
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