Southfield’s Vesta Housing Sold to New York’s Kinderhook Industries

California’s Balmoral Funds has announced the sale of Southfield’s Vesta Housing Solutions to New York City-based Kinderhook Industries and management. Terms of the transaction were not disclosed.
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modular buildings by Vesta Housing
Balmoral Funds has sold Vesta Housing Solutions in Southfield, which made the pictured buildings on a man-made island in the Atlantic Ocean, to Kinderhook Industries in New York. // Photo courtesy of Vesta Housing Solutions

California’s Balmoral Funds has announced the sale of Southfield’s Vesta Housing Solutions to New York City-based Kinderhook Industries and management. Terms of the transaction were not disclosed.

Vesta was founded in 2014 and provides temporary and permanent modular space solutions. It operates two divisions – modular space leasing, through which it leases units from its fleet of more than 3,200 floors to customers across a range of end markets and applications, and modular construction services, through which it facilitates the design, manufacturing, logistics, and installation of modular buildings.

The company’s core end markets include education, industrial, construction, government, municipalities, and retail sectors. It has branches in Atlanta, Houston, and Miami.

“Balmoral provided both the capital and advice we needed to prepare our team for the next stage of our growth plan with Kinderhook,” says Dan McMurtrie, co-founder and CEO of Vesta.

Balmoral was founded in 2005 and has about $500 million of assets under management. It typically invests in companies that have revenues between $30 million and $500 million and require equity investments of $10 million to $60 million.

“I have every confidence that the Vesta team will continue their remarkable track record of success,” says Jonathan Victor, managing partner and founder of Balmoral. “It is a rewarding if bittersweet achievement to execute this transaction within three short years of first meeting Vesta’s founders. We wish them the best of luck in their partnership with Kinderhook.”

Kinderhook is a private investment firm that manages more than $3 billion of committed capital. It has made more than 250 investments and focuses on middle market businesses in health care services, environmental and business services, and automotive and light manufacturing.

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