BIRMINGHAM, Mich., Feb. 13, 2017 (GLOBE NEWSWIRE) -- VESTA Modular today announced that it received court approval to acquire substantially all assets of MSpace Holdings, LLC. The acquisition involves approximately 1,700 modular units throughout North America and solidifies VESTA’s position as the fastest growing modular building provider in the country. Former customers of MSpace should not see any interruption in services as VESTA brings strong financial support and a customer-focused approach to the business. In addition, several former employees of MSpace will join the VESTA team to ensure a smooth transition for all customers.
A photo accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/cd8ac105-329d-4251-8230-312e0c68a58d
VESTA completed this acquisition after negotiating a successful stalking-horse asset purchase agreement and then prevailing at the court-ordered auction. The transaction was funded and led by Soaring Pine Capital, a Simon Group Holdings (SGH) company, the private equity group that backed VESTA’s formation in 2014.
“We are tremendously excited to see the rapid growth of our portfolio company, VESTA,” said SGH Founder and Chairman Sam Simon, who also chairs VESTA’s board of directors. “Our investment philosophy is simple: we find and back strong management teams regardless of the business sector. After meeting Dan McMurtrie (CEO) and Billy Hall (COO) we felt confident the team would deliver strong growth – we expect a lot more from them in the next few years.” Simon also founded national fuel logistics giant Atlas Oil Company, in 1985.
With the MSpace acquisition, VESTA now manages approximately 2,000 modular units in North America and provides complete turnkey services for all aspects of modular space needs. Additionally, VESTA inherited hundreds of former MSpace customers. “We are very excited to welcome the former MSpace customers to our family and will do everything in our power to make that transition absolutely seamless,” said VESTA CEO Dan McMurtrie. “With the financial support of Simon Group Holdings, our customers are assured of a strong long-term partner in VESTA and we will reach out to each of them individually over the coming weeks,” said McMurtrie.
Founded in 2014 by industry veterans, VESTA provides turnkey modular building solutions, both temporary and permanent, for sale or lease across North America. With current VESTA locations in Michigan, Florida, New Jersey, and North Dakota, the MSpace acquisition bolsters the VESTA footprint further adding a larger fleet of temporary classrooms, offices, disaster response, hospitality, multi-family, specialty buildings, workforce and general housing solutions across the US.
About VESTA Modular
VESTA Modular and Housing Solutions (VESTA) is a portfolio company of private equity fund Soaring Pine Capital, LLC, and offers turnkey modular construction solutions for sale or lease across North America. VESTA targets customers who demand a higher standard of service and better quality modular building. With its partners, VESTA offers short and long-term solutions for workforce housing, office, education, storage, hospitality, and operations with an emphasis on quality, comfort, and safety. The Company offers leasing, financing, and purchase options to meet customers’ specialized needs. We think Beyond the Box!
About Soaring Pine Capital
Founded under the umbrella of Simon Group Holdings in 2014, Soaring Pine Capital (SPC) invests in lower middle market opportunities via private fund investment strategies in private equity and real estate. SPC’s private equity funds focus on supporting visionary entrepreneurs and making middle market investments, particularly in the areas of energy, logistics, infrastructure, transportation, manufacturing and business services. Similarly, the SPC real estate investment funds focus on lower middle market real estate opportunities including undervalued real estate, note purchases, multifamily, bridge/hard money loans, etc.
About Simon Group Holdings
Simon Group Holdings (SGH) was created in 1985 with the founding of Atlas Oil Company by Sam Simon. SGH has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate investment; private equity; technology services; and turnkey modular solutions. Its growth is fueled by more than 30 years of successful operational entrepreneurship, which has resulted in the creation of three new businesses since 2014, along with significant investments in three additional companies.
Contact: William (Billy) R. Hall, Chief Operating Officer VESTA Modular 800.761.7264 Bhall@VESTAModular.com
Source: VESTA Modular