H.I.G. Capital has acquired the assets of Excel Homes LLC, a Camp Hill, Penn.-based custom modular home manufacturer. No financial terms were disclosed.
H.I.G. Capital, a leading global private investment firm, announced that its affiliate Excel Homes Group, LLC (“Excel Homes”), has acquired substantially all the assets of Excel Homes LLC, the nation’s largest custom modular home manufacturer. With a new partner bringing strong financial backing and expertise in growing small and medium-size businesses, Excel Homes is poised grow as a leader in custom modular innovation and design by continuing to deliver the high-quality services and products its builder partners and homeowners demand. H.I.G. also announced that effective immediately, Steve Scheinkman will become CEO of Excel, joining an outstanding management team already in place.
Matt Sanford, managing director at H.I.G. Capital, stated, “The housing and construction markets will undoubtedly rebound from historic lows in the coming years, and we believe Excel is well-positioned to benefit when they do. Unlike in Canada and Europe, in the U.S. few people realize the significant cost and quality advantages of modular construction over traditional site-built methods. We believe that under Steve’s leadership the existing team will successfully execute on its plan to grow Excel’s share of not only the modular market, but the overall housing market as well.”
“The Excel Homes name has long been known within the modular industry for its traditions of quality, innovation, service and craftsmanship,” said Scheinkman, the new CEO. “Despite the turmoil we’ve seen in the housing market over the past few years, these characteristics have kept the brand strong. I’m very excited to embark on a new phase of growth, bringing together a market- leading business and management team with the strong financial partnership of H.I.G.”
Jack Gizienski, senior vice president of operations, stated, “We are excited to partner with a blue chip financial investor to create a strong organization using the Excel Homes brand. Key managers and employees from Excel Homes LLC will assist in ensuring that quality and innovation remain trademarks of Excel Homes as we grow. We welcome Steve to Excel and look forward to achieving great success together as a team.”
Excel Homes has already increased production at its Liverpool, PA, plant and will restart production at its Avis, PA, plant due to increased demand for the company’s commercial buildings and single-family homes. The Avis facility, known for its high-quality craftsmanship and service, is scheduled to reopen in June. The reopening of the Avis plant will bring in more than 100 jobs and will become Excel Home’s hub for commercial production; a growing sector in the modular industry. Over the next few months, Excel Homes will actively search for additional production and manufacturing capacity in the Northeast – an important region for Excel Homes and its builder partners.
Based in Camp Hill, PA, Excel Homes Group, LLC is the largest custom modular home manufacturer in the United States and builds modules in climate-controlled plants in Liverpool, PA and Avis, PA. For more information about Excel Homes, visit excelhomes.com.
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-size companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at higcapital.com