Friday, March 6, 2020

The Story of Guerdon Modular’s Rise, Fall and Rise Again

Boise modular hotel, apartment maker once had yearly sales of $80M.
Then this happened.

BY ALYSSA HODENFIELD in the Idaho Statesman

Guerdon Modular Buildings billed itself as “the leading manufacturer of large-scale, commercial modular construction projects in the Western U.S. and Canada.”

The Boise company’s website said Guerdon completed over 70% of the hotels built with modular technology between 2015 and 2019. By 2018, it had built more than 1,500 hotel and apartment units at its Southeast Boise factory for installation in the Bay Area alone. Guerdon was also a major supplier of modular housing for the natural-gas industry in North Dakota and Canada.

But the company could not keep up with its financial obligations. In late January, Guerdon was sold for an undisclosed price at a foreclosure auction forced by its senior lender, Main Street Capital Corp.

An investor group led by Guerdon founders Laurence “Lad” Dawson and Mike Bowers bought the company, now called Guerdon LLC, in partnership with Innovatus Capital Partners, a New York City investment firm.

It’s unclear what caused Guerdon’s financial problems. The company did not file for bankruptcy, and a search of state court records in Idaho and federal courts throughout the United States revealed only one lawsuit, a California case filed last fall by a construction company that claims Guerdon supplied substandard modular units for a six-story, 118-unit apartment complex in Sacramento.

CLICK HERE to read the entire Idaho Statesman article

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