Innovative Modular Solutions Announces Its Acquisition by VESTA Modular
OSWEGO, Ill., Jan. 21, 2021 /PRNewswire/ -- Innovative Modular Solutions ("IMS") today announced its acquisition by VESTA Modular in a transaction completed on Jan. 19, 2021. Financial terms of the transaction were not disclosed.
Established in 1999, Innovative Modular Solutions has been dedicated to building high-quality modular buildings, including modular classrooms, modular offices and other commercial modular environments. IMS focused on providing customers with consistent, professional service. As a result, IMS has become one of the leading providers of modular buildings for temporary or permanent space throughout the Continental United States.
IMS Co-Founder Pat Carmody will assume the role of VESTA's President of Operations, managing an aggressive growth initiative in the coming months and years. "This transaction will allow us to better serve customers while we execute our collective goal of remaining the go-to modular provider in North America," said Carmody. "Our teams are like-minded, customer-focused, and energized to continue our expansion initiatives together."
"Partnering with IMS has been an ambition of ours for years and we are excited to be able to add their best-in-class team to our growing VESTA family," said VESTA CEO Dan McMurtrie. "Pat and his team will significantly increase our capabilities with their collective industry experience, which will be pivotal to our growth in the very near future."
VESTA has executed a rapid growth strategy over the past 4 years and was named the fastest-growing construction company in the country by INC. 500 magazine in 2019. On Dec. 31, 2020, VESTA partnered with New York-based Kinderhook Industries, LLC to continue its growth initiatives. With this transaction, VESTA adds a strategic branch location in Elkhart, IN and approximately 600 units to its rental fleet. Customers of IMS will experience a seamless transition to VESTA as the companies integrate over the coming weeks.
Greenberg Traurig and Kirkland & Ellis served as legal counsel to VESTA. Financing for the transaction was provided by a syndicate led by Flagstar Bank.
About VESTA Modular
Founded in 2014 and headquartered in Southfield, MI, VESTA is a leading provider of temporary and permanent modular space solutions across a diverse base of end markets and applications. The Company operates two divisions - (i) modular space leasing whereby it leases units from its owned fleet of over 3,800 units to customers across a range of end markets and (ii) modular project installation whereby it facilitates the design, construction, and installation of modular spaces. VESTA's core end markets include education, industrial, construction, government, municipalities, and retail sectors. In addition to its Southfield, MI headquarters, VESTA operates strategically-placed branches in some of the nation's fastest growing markets - Atlanta, Elkhart, Houston, and Miami.
For more information, please visit: www.vestamodular.com
About Kinderhook Industries
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages $3.3 billion of committed capital. We have made in excess of 250 investments and follow-on acquisitions since inception. Kinderhook's investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.
For more information, please visit: www.kinderhook.com
Pat Carmody | President of Operations
VESTA Modular
www.VESTAModular.com
info@vestamodular.com
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SOURCE Innovative Modular Solutions
