It was just announced that ownership of Innovative Building Systems is now in the hands of two modular home people that have contributed to its current success who along with current owner, H.I.G. Capital, will continue to make IBS a stronger part of the modular home industry.
Modcoach wishes them the best!
February 10, 2014
Dear Valued Employees, Customers, Vendors:
pleased to announce that Steve Scheinkman and Jeffrey Samson, business partners
of over 30 years, have made a significant equity investment into the Company.
Over the past four years the management team and H.I.G. Capital have partnered
to transform the business that was hard hit by the housing crisis to the
profitable and growing business it is today. The recent equity investment is
both a vehicle to provide liquidity to H.I.G. Capital with regard to their
ownership of the Company and greatly improves the Company’s balance sheet.
Additionally, as a result of the investment, Mr. Scheinkman and Mr. Samson will
become the majority shareholders in Innovative Building Systems with H.I.G.
retaining a significant minority stake.
 |
| Steve Scheinkman |
home builder in the
operating five factories under several brands including Excel Homes, All
American Homes, Modukraf Homes, and the recently acquired business of Keiser
Homes in
Innovative’s factory footprint allows it to deliver custom homes and commercial
structures, such as dormitories, apartment buildings, schools, and medical
facilities, to more than 30 states reaching 60% of the U.S. population. The commercial
and multi‐family
business is managed through the Innovative Design and Building Services group
(IDBS).
The existing management team will continue to guide
Innovative Building Systems with Steve and Jeff serving as Managing Partners.
Steve and Jeff have been involved together in several businesses over the past
30 years, most notably in the metal service center industry where they both
worked together holding Senior Executive positions. Steve will continue in his
current role with Jeff leading the Company’s new initiatives in information
technology and business development.
Steve and Jeff commented that “we are both looking forward
to developing exciting growth
opportunities in new geographic areas as we did in our
previous businesses and are very excited to continue to work with all of our
key partners to continue to grow our business and the modular home industry as a
whole”.
