As the modular industry continues to grow, more new modular companies open their doors for the first time and existing companies decide to open new factories.
Expansion within the commercial modular industry may not be as glamorous as a new custom modular home factory opening but their rate of success is something that oftentimes gets lost in the news.
Effective September 1, 2023, Fero International Inc. (Fero), a commercial volumetric modular manufacturer primarily focusing on healthcare infrastructure, has a new 300,000-square-foot home at 950 South Service Road in Stoney Creek, Ontario, where it will build much-needed infrastructure using off-site construction techniques. To achieve this, Fero has purchased key modular manufacturing assets and has hired approximately 55 skilled trade and administrative personnel.
Fero’s proprietary manufacturing technology and healthcare expertise, along with the years of modular manufacturing knowledge coming from the newly hired personnel, will secure Fero’s position as the premier provider of best-in-class modular building solutions.
Fero’s Chief Executive Officer, Sabrina Fiorellino said “We are thrilled to enter this next stage of Fero’s growth strategy, where we have significantly improved control, capacity, and capability to deliver much-needed healthcare and similar infrastructure solutions at home in Canada, including our remote and underserved communities, as well as abroad. Fero’s modular solutions can significantly reduce delivery times and provide best-in-class quality. Fero’s products are an innovative solution and approach to today’s traditional construction challenges.”
As a female chief executive officer for Fero International Inc., Sabrina Fiorello knows how difficult it is to raise critical funding to expand a business.
A 2020 study by Crunchbase that examined diversity and inclusion in the venture capital industry found only about 2.3 percent of women founders of companies received the billions of dollars in global venture capital funds available, a decline from 2.8 percent in 2019.
“Being a female-led company makes it difficult to raise funding,” said Fiorello, founder and chief operating officer for the Stoney Creek-based Fero Industrial Inc.
Founded in 2020, the company — which builds sustainable and cost-effective modular structures, principally for the health care industry, but can be used in remote areas, war zones, and disaster sites — has experienced rapid expansion and is in need of capital to meet the rising demand, said Fiorello.
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Gary Fleisher, the Modcoach, author
