January 20, 2021
Southfield, MI – VESTA Modular (“VESTA” or the “Company”) today announced it had completed the acquisition of Innovative Modular Solutions (“IMS”). Financial terms of the transaction were not disclosed.
Founded in 1999 and headquartered in Oswego, IL, IMS is a leading provider of temporary and permanent modular buildings. IMS serves clients in the education, industrial, construction, government, and retail sectors. The company has a rich history of providing high-end modular building solutions across the Eastern half of the United States.
“Partnering with IMS has been an ambition of ours for years and we are excited to be able to add their best-in-class team to our growing VESTA family,” said VESTA CEO Dan McMurtrie. “Pat and his team will significantly increase our capabilities with their collective industry experience, which will be pivotal to our growth strategy in the very near future.”
IMS Co-Founder Pat Carmody will assume the role of VESTA’s President of Operations, managing an aggressive growth initiative in the coming months and years. “This transaction will allow us to better serve customers while we execute our collective goal of remaining the go-to modular provider in North America,” said Carmody. “Our teams are like-minded, customer focused, and energized to continue our expansion initiatives together.”
VESTA has executed a rapid growth strategy over the past 4 years and was named the fastest growing construction company in the country by INC. 500 magazine in 2019. On December 31, 2020, VESTA partnered with New York based private equity firm Kinderhook Industries, LLC to continue its growth initiatives. With this transaction, VESTA adds a strategic branch location in Elkhart, IN and approximately 600 units to its rental fleet. Customers of IMS will experience a seamless transition to VESTA as the companies integrate over the coming weeks.
Greenberg Traurig and Kirkland & Ellis served as legal counsel to VESTA. Financing for the transaction was provided by a syndicate led by Flagstar Bank.
For additional information about this transaction, please contact: