Innovative Building Systems Announces Agreement to Acquire Handcrafted Homes

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Premier Custom Modular Manufacturer in the U.S. Broadens its Market Reach

Innovative Building Systems LLC (“IBS”), the leading custom modular home producer in the United States and CoveView Capital Partners LLC (“CoveView’), a private investment firm focused on middle market companies, have announced today that they have reached agreement under which IBS will acquire Handcrafted Homes (“Handcrafted”), a portfolio company of CoveView and CoveView will receive a minority ownership interest in IBS.

Once the transaction is completed, with the addition of Handcrafted to its family of companies, IBS will have further advanced its position as the premier manufacturer of quality custom modular homes throughout the United States. The acquisition is intended to broaden the manufacturing support and service level to the customers of both IBS and Handcrafted. IBS plans to maintain the Handcrafted brand name and upgrade the Handcrafted facilities.

"This transaction is very positive news for our customers, employees and business partners,” said Steve Scheinkman, President and CEO of IBS. “Handcrafted has built a great reputation for quality custom building which will allow IBS to better serve its growing business in the Mid- Atlantic and Southern Regions. Further, we are excited to partner with an experienced investor such as CoveView as we continue to grow our business”.

Dan Tredwell, Managing Partner of CoveView commented “We are very pleased for this opportunity to convert our investment in Handcrafted to a partnership with IBS. The first class IBS management team is building one of the best modular homebuilders in the industry, and we know the great people and customers of Handcrafted will fit in perfectly to continue the IBS success story.”

The transaction is expected to close by December 15, 2014.

About Innovative Building Systems

Innovative Building Systems (IBS) is the leading custom modular home producer in the U.S., operating factories in Maine, Pennsylvania, Virginia, Indiana, and Iowa. It markets its single family homes under the brand names Excel Homes, All American Homes, Modukraf Homes, and Keiser Homes. It’s multi-family and commercial buildings are constructed at all five facilities under the brand Innovative Design and Building Services (IDBS).

For more information, please visit http://www.innovativebuildingsystems.com/

About HandCrafted Homes

HandCrafted Homes is a recognized leader in custom built modular homes, apartments and commercial buildings in the mid-Atlantic region of the U.S. The Company distributes its products through independent builders and developers along with Company owned sales centers across North Carolina. The Company also produces custom designed disaster replacement housing for the East Coast, as well as modular buildings for government applications.
For more information, please visit http://www.handcraftedhomes.com.

About CoveView

CoveView Capital Partners, LLC is a private investment firm focused on acquiring positions in middle market companies. The team has significant experience investing across diverse industrial, manufacturing and asset intensive industries. CoveView focuses on creating value through partnering with management and supplementing investments with enhanced operational, strategic, and financial resources.
For more information, please visit http://www.coveviewcapital.com
Contact

Innovative Building Systems
Rob Ebbets, Executive VP
717-458-1404
rob.ebbets(at)ibsmodular(dot)com

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Rob Ebbets