VESTA HOUSING SOLUTIONS COMPLETES ACQUISITION OF 58 HOMES IN WILLISTON AND TIOGA, NORTH DAKOTA
VESTA Housing Solutions, LLC, a premier provider of temporary and permanent worker housing solutions, completed its acquisition of 58 homes with 174 beds located in Williston and Tioga, ND. The units were purchased from Key Energy Services, LLC (NYSE: KEG) and will be integrated into VESTA’s portfolio of workforce housing solutions that are available to both companies and individual workers.
“We are extremely excited to have these units available in the heart of the Bakken shale and believe they will be a key asset for our company,” said VESTA CEO Dan McMurtrie. Despite negative sentiment regarding the region stemming from oil price volatility, McMurtrie reaffirmed VESTA’s bullish outlook on the region. “We firmly believe the long term combination of the area’s robust infrastructure, business friendly climate and overall resiliency will continue to drive housing demand for the foreseeable future, “said McMurtrie. “With that said, we also believe that workers are beginning to demand a higher standard of living that is compatible with families and pets, which really attracted us to these higher end units.”
VESTA has been active in the Bakken region as well as other areas where construction or other projects have created short-term housing needs. The Company is a portfolio holding of Soaring Pine Capital Management (SPCM) a middle market private equity firm, with a focus on the energy and logistics sectors. SPCM was founded by Sam Simon, the Chairman and CEO of Atlas Oil, a multi-billion dollar fuel services enterprise with operations throughout the United States. “With our experiences servicing oil, gas and construction organizations nationwide, we have seen how temporary housing can make or break an operation’s success,” said Simon. “When your workers are happy, you get better performance – plain and simple. This is true for our business, as well as the customers we serve and this overarching fact was a compelling factor in our decision to back VESTA.”