- Author : modular
Balmoral Funds LLC have acquired an ownership stake in VESTA Modular, a provider of modular buildings. The sellers were Soaring Pine Capital LLC and Wells Fargo Central Pacific Holdings. No financial terms were disclosed.
LOS ANGELES, Nov. 16, 2018 /PRNewswire/ — VESTA Modular, a leading provider of modular buildings, today announced it had completed a transaction with California-based Balmoral Funds, LLC (“Balmoral”). The transaction solidifies a partnership whereby Balmoral and management acquired the outstanding ownership interests of VESTA’s initial investors – Soaring Pine Capital, LLC and Wells Fargo Central Pacific Holdings. All parties involved believe this new capital structure will position VESTA for continued growth.
This transaction marks a new chapter in VESTA’s journey as the company continues to increase revenues and market-share within the modular sales and leasing industry. “Our initial investors proved to be tremendous assets – without them, VESTA would not be the company it is today,” said VESTA CEO Dan McMurtrie. “However, with the projected growth in the near term, it was the right time to bring in a larger institutional partner to fuel our vision for the company.”
VESTA was founded in 2014 when Sam Simon’s Family Office (Soaring Pine Capital) met with, and decided to back, VESTA’s founders. “It was not that long ago when we first met these guys and it has been very rewarding to play a role cultivating our initial investment from nothing to an international enterprise owning a rental fleet of 3,000 modular buildings and employing over 50 in fewer than 4 years,” said Simon, VESTA’s former Chairman of the Board. “In some ways, parting with VESTA is bittersweet, but our Fund has a track record of success when we back the right people and we are excited to watch what VESTA and its team will achieve with Balmoral’s support.”
Balmoral specializes in partnering with management teams to invest in fundamentally good companies – this approach has led to several successful acquisitions and exits for the Fund over the last 10 years. “We have a lot of confidence in VESTA and feel strongly that the company will make a great first investment for our newly-raised $220 million Fund III,” said Balmoral Senior Managing Director Jonathan Victor.
With the new Balmoral investment complete, VESTA plans to continue its strategy of aggregating players within the modular industry and maintain its focus on developing the most technically advanced modular provider in North America.
About VESTA Modular:
VESTA Modular (VESTA) is a leader in modular building sales and leasing – offering turnkey permanent and temporary modular construction solutions for sale or lease across North America. Developed by industry veterans, VESTA brings a professional approach and unique perspective to its projects utilizing a greener, faster, and smarter way of building. THINKING BEYOND THE BOX is the company motto, emphasizing that the modular box is just a part of the overall project success. The company provides modular solutions, for sale or lease, to the educational, hospitality, multi-family, assisted living, institutional, Government, healthcare, workforce housing, office, disaster recovery and storage industries with an emphasis on quality, comfort, and safety.