West Partners, a San Diego, California based investment firm, has acquired a majority stake in Milwaukee, Wisconsin based manufactured housing services provider Asset Development Group.
Asset Development Group owns and operates 53 communities with more than 5,400 sites in Wisconsin, Minnesota, Iowa, and Michigan. Additionally, the company provides insurance brokerage, resident home financing and leasing and home brokerage assistance in its communities via their sister-operation, Home Source One.
“Manufactured housing is an attractive niche in the U.S. residential market, serving the growing need of affordable housing. We are excited to partner with a capable and experienced management team led by Jim Reitzner that shares our dedication to creating value over the long term,” said Art McGill of West Partners.
“We are honored to partner with the West Partners Team and look forward to their help and guidance as we expand our vertically integrated manufactured housing business throughout the U.S.,” said Jim Reitzner, CEO of Asset Development Group.
Terms of the deal were not disclosed. Robert W. Baird served as financial advisor to Asset Development Group in the transaction.
Reitzner told MHProNews that, “Treating people exactly as you’d expect to be treated is the guiding tenet of business and life. Throughout the process, the West Team embodied respect, understanding and compromise.”
West Partners is the arm of the Gary & Mary West Family Office, making investments into privately held companies. The firm’s focus is on acquiring controlling stakes in companies operating in growing markets, with strong management teams and also invests in commercial real estate with ranges from $10 to $100 million. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.