STACKit Design-Build announced today it has entered into a binding Memorandum of Understanding with the owners of Virginia Homes Manufacturing Corporation in Boydton, Virginia to purchase the company.
|Virginia Homes factory|
“Virginia Homes has built over 17,000 homes since it began in 1969” said R.T. Arnold, founder of Virginia Homes. “The company has a strong team, a steady stream of existing business, and tremendous new opportunities. I am confident of its continued success.”
“As part of the sale, additional working capital will be used to expand production,” said STACKit Senior VP Russell Hruska.
“Recent factory closings have left a lot of builders without a manufacturer, and Virginia Homes is one of the few remaining operations capable of high quality work. We anticipate hiring a number of additional skilled personnel from recently idled facilities to propel the growth.”
“It is an honor to undertake a leadership role at Virginia Homes,” said Dan Hobbs, the newly designated COO. “Mr. Arnold has established a long history of producing excellent homes, and we plan to continue and build upon that foundation. In addition, Marvin Thomas has done an exceptional job of stabilizing the company and attracting new business from builders in the mid-Atlantic region.
We will add new technology such as the ability to produce wider modules, concrete foundation technology ( www.groundforcesystems.com ), and utilization of steel wall panel systems. We are also working with Intexure Architects, www.intexure.com , to expand our offerings of available homes and add additional capacity for high end custom homes. Intexure brings innovative design solutions and smart floor plans focused around modern life.
The transaction is expected to close on or before mid-July. Prior to that time, representatives of STACKit will be working with Virginia Homes to expand production and prepare for a smooth transition.
For further information, contact Dan Hobbs, 601 291-4082