BIRMINGHAM, Mich., Nov. 03, 2017 (GLOBE NEWSWIRE) -- VESTA Modular, a Simon Group Holdings (SGH) company, today announced it has completed the acquisition of substantially all assets of Touax Modular Buildings USA, LLC (“Touax USA”). The acquisition will add approximately 1,000 modules to VESTA’s growing fleet and provide the company new branch locations in Florida and Georgia. Current customers of Touax USA should not see any disruptions in their service.
This marks the second major acquisition completed by VESTA in 2017, adding nearly 2,800 modules and 35 employees to the team this year alone. “We believe very firmly that modular buildings represent a significant growth segment as the North American skilled trade market continues to tighten,” said Sam Simon, Chairman of VESTA. “Three years ago, we put our support behind the VESTA management team and have watched the company grow extremely rapidly – which makes us very excited as stakeholders in the growth.”
With the addition of Touax USA, VESTA sees continued growth in 2018. “We are very happy to be adding the Touax employees and customers to the VESTA family and it really could not come at a better time,” said Dan McMurtrie, CEO of VESTA Modular. “With the new locations and industry expertise, we will be very well positioned to service several major projects coming down the pipeline in 2018.”
VESTA also announced that it had hired J. Collier Beall to lead its new branch location operations, naming him President, Fleet Services. Collier brings years of industry expertise and will be tasked with spearheading VESTA’s continued growth into new strategic branch locations.
About VESTA Modular:
VESTA Modular (VESTA) is a portfolio company of Simon Group Holdings’ private equity growth fund Soaring Pine Capital, LLC, and offers turnkey permanent and temporary modular construction solutions for sale or lease across North America. Developed by a strong management team, 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. www.vestamodular.com
About Simon Group Holdings:
Simon Group Holdings (SGH) was created in 1985 with the founding of Atlas Oil Company by Sam Simon. SGH has 120 companies and direct investments, 3,000 customers and 1,000 employees. Its growth is fueled through digital disruption and by investing in operationally experienced entrepreneurs who have a vision and hunger to reinvent their respective industries. SGH has interests in comprehensive energy solutions; fuel supply; oil field services; logistics and transportation; real estate; private equity; technology services; aerospace and defense; and turnkey modular solutions. www.simongroupholdings.com
William (Billy) R. Hall, Chief Operating Officer
Source: VESTA Modular