June 28, 2019 /

VESTA Modular Grows with Strategic Partner Balmoral Funds

santa monica by Vesta Modular

Santa Monica private equity firm Balmoral Funds and senior managers of Vesta Modular, a provider of rentable modular buildings, purchased the ownership interests of the Birmingham, Mich.-based company’s initial investors.

Terms of the transaction were not disclosed.

Billy Hall, Vesta’s chief operating officer, said that the Balmoral and management buyout of Vesta’s outstanding ownership of Vesta’s initial investors, including Soaring Pine Capital – a fund created by Sam Simon’s Family Office – and Wells Fargo Central Pacific Holdings, lays the groundwork for continued growth.

Sam Simon’s private equity interests include various legal entities operating under the brand of Simon Holdings Group, a family office for the Simon family and other wealthy families in Michigan.

The Balmoral investment is the first for the private equity firm’s $220 million Fund III, explained Jonathan Victor, senior managing director of Balmoral.

With the Balmoral investment complete, Vesta plans to continue its strategy of aggregating players within the modular industry.

Hall and Vesta CEO Daniel McMurtrie, who made up the management team to buyout Vesta, started the privately held modular building provider back in 2014. Today, it generates roughly $40 million in annual sales, said Hall in an interview.

Vesta owns a rental fleet of 3,000 modular buildings, and recently set up modular buildings to serve as a school for 60,000 students in Panama City, all of who were displaced by Hurricane Michael.

Source: PE HUB

Related Blog Posts

Picking a Modular Building Floor Plan Perfect for Your Needs

Picking a Modular Building Floor Plan Perfect for Your Needs

VESTA has an array of different modular building floor plans to accommodate a wide range of industries, from healthcare to religion and everything in between.

Read More

A Complete Guide to Modular Classroom Buildings

With our experience and vast inventory, VESTA offers you everything you need to find the right modular classroom buildings to meet your specific needs.

Read More

Modular Daycare Buildings: A Cost-Effective Solution for Diverse Needs

Purchasing or building a daycare center for your business or community is a significant decision. You want a facility that is safe, comfortable, functional, and…

Read More