Private investment firm H.I.G. Capital’s affiliate Excel Homes Group has acquired substantially all the assets of Excel Homes, a US-based custom modular home manufacturer.
Steve Scheinkman will become chief executive of Excel.
Matt Sanford (pictured), managing director at H.I.G. Capital, says: "The housing and construction markets will undoubtedly rebound from historic lows in the coming years, and we believe Excel is well-positioned to benefit when they do. Unlike in Canada and Europe, in the US few people realise the significant cost and quality advantages of modular construction over traditional site-built methods. We believe that under Steve’s leadership the existing team will successfully execute on its plan to grow Excel’s share of not only the modular market, but the overall housing market as well."
"The Excel Homes name has long been known within the modular industry for its traditions of quality, innovation, service and craftsmanship," adds Scheinkman. "Despite the turmoil we’ve seen in the housing market over the past few years, these characteristics have kept the brand strong. I’m very excited to embark on a new phase of growth, bringing together a market- leading business and management team with the strong financial partnership of H.I.G."
Excel Homes has already increased production at its Liverpool, Pennsylvania, plant and will restart production at its Avis, Pennsylvania, plant due to increased demand for the company’s commercial buildings and single-family homes. The Avis facility is scheduled to reopen in June.
Over the next few months, Excel Homes will actively search for additional production and manufacturing capacity in the Northeast – an important region for Excel Homes and its builder partners.
