PE-backed VESTA Modular to acquire MSpace Holdings for $15.3 mln

Soaring Pine Capital’s portfolio company VESTA Modular has secured court approval to acquire substantially all assets of MSpace Holding LLC for $15.3 million. This acquisition involves about 1,700 modular units. Based in Park City, Utah, MSpace is a modular building company.

PRESS RELEASE

BIRMINGHAM, Mich., Feb. 13, 2017 /PRNewswire/ — Simon Group Holdings (SGH) today announced that its portfolio company VESTA Modular received court approval to acquire substantially all assets of MSpace Holdings, LLC for $15.3 million. This acquisition involves approximately 1,700 modular units and was the result of a successful stalking-horse asset purchase agreement and court-ordered auction. The transaction marks another success for SGH and its growing portfolio of companies.

“As with all of our portfolio companies, we backed VESTA because we believed in the management team and that has paid dividends here,” said VESTA Chairman Sam Simon who also is the founder of Simon Group Holdings and its fund, Soaring Pine Capital, which financed VESTA’s start-up. “This acquisition is a continuation of our confidence in the management team who increased VESTA’s business nearly 10 times through this acquisition, which includes several knowledgeable MSpace employees,” said Simon.

VESTA Modular offers turn-key housing, classroom and office space solutions to its customers even in the remotest locations. Modular units were delivered by boat to a project site in the Washington Cascade Mountains, 40 miles from the nearest road. VESTA’s acquisition of MSpace Holdings, LLC, brings its number of modular units to 2,000.

VESTA Modular offers turn-key housing, classroom and office space solutions to its customers even in the remotest locations. Modular units were delivered by boat to a project site in the Washington Cascade Mountains, 40 miles from the nearest road. VESTA’s acquisition of MSpace Holdings, LLC, brings its number of modular units to 2,000.

VESTA has experienced rapid growth during its first few years of operation, growing its fleet of modular units from nothing to nearly 2,000 units today. “Success as a business hinges on many factors you cannot control, which makes the few that you can influence so important,” said Daniel McMurtrie, VESTA’s CEO. “We selected a strong financial partner in Simon Group Holdings and were fortunate that Sam and our investors not only stood by us during our infancy, but also mentored and supported us all those times we faced headwinds,” said McMurtrie.

Simon Group Holdings oversees a collection of businesses and funds, all founded by Sam Simon, with the intent of bringing together investors with unique backgrounds and entrepreneurs with passion and energy. This formula has proven successful with VESTA and the other SGH portfolio companies.

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 VESTA Modular
VESTA Modular and Housing Solutions is a portfolio company of private equity fund Soaring Pine Capital, LLC, and offers modular buildings for sale or lease as well as turnkey modular construction services 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. www.VESTAMODULAR.com