Balmoral Sells VESTA Modular, a Leading Provider of Temporary and Permanent Modular Space Solutions

Balmoral Funds LLC (“Balmoral”) announced today the sale of VESTA Housing Solutions LLC (“VESTA” or the “Company”) to Kinderhook Industries, LLC (“Kinderhook”) and management. Financial terms of the transaction were not disclosed.

Founded in 2014 and headquartered in Southfield, MI, VESTA is a leading provider of temporary and permanent modular space solutions. The Company operates two divisions – (i) modular space leasing whereby it leases units from its owned fleet of over 3,200 floors to customers across a diverse range of end markets and applications, and (ii) modular construction services whereby it facilitates the design, manufacturing, logistics, and installation of modular buildings. VESTA’s core end markets include education, industrial, construction, government, municipalities, and retail sectors. In addition to its Southfield, MI headquarters, VESTA operates strategically-placed branches in some of the nation’s fastest growing markets – Atlanta, Houston, and Miami.

“I have every confidence that the VESTA team will continue their remarkable track record of success,” said Managing Partner and founder of Balmoral, Jonathan Victor. “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.”

“Money is fungible – great partners are not. We owe our success to those investors who supported our growth and vision over the years, through the highs and lows of business and life. Balmoral provided both the capital and advice we needed to prepare our team for the next stage of our growth plan with Kinderhook,” said Dan McMurtrie, Co-Founder and Chief Executive Officer of VESTA. “We believe firmly that VESTA will continue its rise to become the preeminent modular building provider in North America, evidenced by our significant retained ownership in the enterprise.”

“We’re thrilled with the qualitative and financial success the management team and our investors have enjoyed leading up to and through this transaction,” added Robin Nourmand, a Managing Director at Balmoral. “VESTA has a top-notch, high integrity, high-EQ management team that will continue to provide excellent service to its customers and inspire employees and partners.”

About VESTA Modular

Founded in 2014 and headquartered in Southfield, MI, VESTA is a leading provider of temporary and permanent modular space solutions. The Company operates two divisions – (i) modular space leasing whereby it leases units from its owned fleet of over 3,200 floors to customers across a diverse range of end markets and applications, and (ii) modular construction services whereby it facilitates the design, manufacturing, logistics, and installation of modular buildings. VESTA’s core end markets include education, industrial, construction, government, municipalities, and retail sectors. In addition to its Southfield, MI headquarters, VESTA operates strategically-placed branches in some of the nation’s fastest growing markets – Atlanta, Houston, and Miami.

For more information please visit: www.vestamodular.com.

About Balmoral Funds

Balmoral is a Los Angeles, CA based private equity fund, founded in 2005, with approximately $500 million of assets under management. Balmoral partners with talented, aligned and committed management teams to invest in and revitalize companies. Balmoral typically invests in companies that have revenues between $30 to $500 million and require equity investments of $10 to $60 million.

For more information please visit: www.balmoralfunds.com.

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