9 December 2015
Modular Innovations is pleased to announce that Evolve Private Capital and Verde Group have agreed to invest in the business to help accelerate growth.
Following exceptional growth in recent years, Modular Innovations has decided to significantly expand its manufacturing operations and corporate headquarters in Southern Sydney. With strong customer demand and a range of new & innovative products currently being launched across all 3 divisions, Founder and CEO Nick Holden decided it was time to bring in external equity funding and to implement a professional Board structure to assist with the transition from a successful small business to an emerging leader in the modular building products industry. “I am excited by the opportunity to accelerate our growth and to expand our manufacturing operations. It was pleasing to see inbound interest from private equity seeking to partner with us on our journey. I am proud of our team here at Modular Innovations and the hard work they dedicate each week to ensure we continue to exceed our customer demands – without which nothing else would be possible”.
Evolve Private Capital is led by Jason Cachia who previously worked for many years in private equity and investment banking, with a focus on partnering with high growth businesses. “I was attracted to Modular Innovations due to its strong market position, innovative product range, superior technology and highly scalable manufacturing operations. Nick’s vision and proven ability to create innovative products that play a disruptive role in an otherwise defensive industry is quite unique. I have seen hundreds of businesses during my years in private equity and the opportunity to invest in Modular Innovations was too good to pass up. The positive culture and can-do attitude visible within the business led by General Manager Jason Harvey are a big attraction for any investor”.
Verde Group is led by Michael Derin, who founded chartered accounting firm Azure Group and has been financial adviser to Modular Innovations for the past 3 years. “Having worked with Modular Innovations to assist with their strategy in recent years, I have gained a good appreciation for the potential of this business. Working closely with Nick, Jason and the broader management team has given me great confidence that Modular Innovations will continue to grow into an Australian manufacturing success story”.
Jason Cachia will join the Board as Chairman and Michael Derin will join as a Non Executive Director. General Manager of the business, Jason Harvey, has also invested in the business and will join the Board as an Executive Director. Nick Holden will remain as the largest shareholder and CEO of the business, and continue to lead the overall business into the next phase of its evolution.
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