BIRMINGHAM, Mich., July 15, 2016 /PRNewswire/ -- VESTA Modular today announced it has acquired 76 classroom units in Florida, which will be immediately leased to school districts in the state. The acquisition is the latest in a string of moves related to the company's continued expansion into the commercial space-rental business.
VESTA's efforts were led by the company's Southeastern team and represent a key step in the diversification of VESTA's business. Speaking at the Florida Educational Facilities Planners' Association Conference, VESTA's Southeastern Sales Manager, Whatley Law, who spearheaded the transaction, said: "I'm happy we were able to acquire the buildings and step in to help these school districts. I've been in this business over 25 years and know schools often struggle this time of year to have enough space for incoming students. These additional units will benefit everyone."
Over the last year, VESTA has focused a substantial amount of its efforts to grow in the modular leasing segment. "While management and our investors have been focused on a variety of modular applications, we firmly believe in the growth potential of the commercial leasing business and are committed to that segment," said VESTA CEO Daniel McMurtrie.
With the addition of these classrooms, VESTA is currently providing modular buildings and services from coast to coast. The company continues to focus on worker housing, commercial buildings, and modular building solutions – offering both sale and lease options to its customers. VESTA was founded on the belief that modular construction and buildings will continue to gain market share in North America while the company's Investor Group (Soaring Pine Capital, LLC) has continued to fuel the company's efforts to gain share in this growing field.
Sam Simon, Simon Group Holdings Chairman, and Founder and Managing Partner of Soaring Pine Capital, said, "As a major investor in VESTA, I'm pleased we can offer strategic business solutions for our customers and sound investments for our clients. Our experienced team sees opportunities others often miss."
VESTA Modular and Housing Solutions ("VESTA") 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. The VESTA team has built, sold and leased thousands of modular units from simple single-family homes to commercial facilities in remote regions of the globe. VESTA targets customers who demand a higher standard of service and better quality modular building. With its partners, VESTA offers turn-key, short and long-term solutions for workforce housing, office, education, storage, and operations with an emphasis on quality, comfort, and safety. The Company offers leasing, financing, and purchase options to meet customers' specialized needs.
Media Contact: William (Billy) R. Hall, Chief Operating Officer VESTA Modular, 335 E. Maple Rd., Suite 200 Birmingham, MI 48009 | 810.397.2298 | Email
SOURCE VESTA Modular