Elkhart, Ind.-based recreational vehicle and systems-built home specialist Coachmen Industries has sold Miller Building Systems, Inc. to a new entity,
CP STAFF
Elkhart, Ind.-based recreational vehicle and systems-built home specialist Coachmen Industries has sold Miller Building Systems, Inc. to a new entity, MBSI Holdings, LLC, comprised of Opus Acquisitions Group, the Warrior Group and members of Miller’s senior management team. Miller produces modular precast buildings for school classroom, telecommunications, utility and other markets, along with pre-engineered structures of wood or steel frame construction.
MBSI Holdings becomes one of the country’s largest minority-owned systems built manufacturers, according to DeSoto, Texas-based Warrior Group, a minority woman-owned business that has been a national provider of pre-fabricated and modular structures since 1997. This acquisition and new partnership will enable us to become a significant competitor in the private modular building market, as we will be able to compete aggressively for contracts in many new sectors, including retail, banking, healthcare, multi-family and senior citizen housing, and office buildings, notes Warrior Group CEO Gail Warrior-Lawrence, who will be MBSI Holdings co-chairman.
The transaction is structured as a stock sale, with Coachmen selling its 100 percent interest in the capital stock of Miller in exchange for $9 million in cash, $2.5 million in a secured seller note and an additional $2 million earn-out note contingent upon Miller achieving certain performance metrics over the next five years. All of Miller’s existing management, support and production staff will remain with the company in its Elkhart, Ind., and Leola, Pa., operations, which combined have more than 250,000 sq. ft. Coachmen acquired Miller, then a four-plant operator, in September 2000 in a deal valued at about $27 million.