July 11, 2022
Southfield, MI – VESTA Modular (“VESTA” or the “Company”) a portfolio company of Kinderhook Industries, LLC has completed its fifth acquisition since partnering with Kinderhook in December 2020. On July 8, 2022, VESTA acquired California-based Performance Modular, Inc. (“PMI”), which was founded in 2003 by a team led by Don Shoop. Based in Rancho Cordova, California, PMI provides both temporary and permanent modular solutions across a diverse set of end markets.
“Since our acquisition of CMS in December 2021, we have sought opportunities to grow beyond the Southern California market. ” said VESTA CEO Dan McMurtrie. “We are excited to partner with Don Shoop, a well-respected industry veteran, as we continue to execute VESTA’s geographic expansion strategy. Through this partnership, we believe we will be able to rapidly scale our operations in Northern California building upon the foundation that Don and his team at PMI have established.”
PMI’s strategically located branch in Northern California will serve as a key hub for VESTA operations in the region. With this acquisition, VESTA continues its growth strategy by adding its 11th branch location. As part of the transaction, Don Shoop will continue as the Branch Manager with a focus on high quality customer service. “For nearly 20 years, PMI has prided itself on delivering high quality service with a personalized touch to customers across the region. We are excited to partner with an organization who shares our values and look forward to growing our offering with the support of the VESTA team.”
“The PMI team has demonstrated an ability to capture significant market share across several attractive end markets in Northern California,” said Kinderhook Managing Director Rob Michalik, “PMI possesses a well-maintained fleet and deep relationships in the region that will fit seamlessly into VESTA’s expanding national network.”
Kirkland & Ellis served as legal counsel, and Alvarez and Marsal handled financial diligence for VESTA. Financing for the transaction was provided by a syndicate led by Flagstar Bank.