Keiser Homes’ Parent Company Releases Statement about Excel Purchase

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R.J. Finlay & Co. is proud to announce that it has sold
its Keiser Industries modular construction division to Excel Homes of Maine, an affiliate of
Innovative Building Systems. R.J. Finlay & Co. acquired Keiser Industries
in 2009.

Founded in 1987, Keiser is a national leader in modular
construction, setting new standards in quality and value for homebuilding and
multifamily and commercial development from its Oxford, Maine
headquarters. In recent years, Keiser had expanded its product line to larger
commercial, multifamily and mixed- use projects. Most notably, Keiser provided
the modules for the 30 Haven project in Reading,
MA, the Chelsea Place project in Chelsea,
MA and new faculty housing for the Eaglebrook School
in Deerfield, MA.

“Keiser Industries has a long and proud tradition of modular
manufacturing in Maine
and we are honored to have been a part of the company’s history”, says R.J.
Finlay & Co. Chairman and CEO, Robert Finlay. “From the beginning we
believed in this product and this team. We are happy to have kept the doors
open and preserved so many jobs during the economic downturn and feel that we
have transitioned the company to the team best qualified to lead it into its
next growth cycle. The future is very positive for modular in general and
Keiser in particular”.

Excel Homes, the leading custom modular home builder in the United States,
was founded in 1984 and has built more than 28,000 homes throughout the
northeast and mid-Atlantic regions. One of their homes was featured in a Baltimore, Maryland
episode of Extreme Makeover: Home Edition. Excel built the 72 unit The Modules
student housing project near Temple University in Pennsylvania,
one of the largest wood-framed, modularly constructed LEED projects in the United States.

Excel Homes plans to operate the Oxford, Maine
facility to fulfill orders in the Northeast.

Keiser Industries is a leader in single-family, multi-family
and commercial modular construction. To learn more, please visit: http://www.keisermaine.com/homes/about

R.J. Finlay & Co. is a New Hampshire-based holding
company of diverse businesses and investments with a central focus on real
estate. For more information, please visit http://www.rjfinlay.com

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