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Wind River Holdings, L.P. announces the acquisition of Haven Homes, Inc.
RIDGELAND, SOUTH CAROLINA (December 30, 2005) — On December 30, 2005 Wind River Holdings acquired Haven Homes Inc., a leading manufacturer of custom and semi-custom homes. Haven produces its homes in a climate controlled environment and ships them to the home site where they are permanently installed. Haven's homes range in size from 2,000 square feet to over 10,000 depending on the architect’s design. Haven operates three production facilities, two in Pennsylvania and one in South Carolina near Hilton Head Island.
Haven Homes has been a pioneer in off-site produced homes since the early 1970’s. Haven’s production methodology is superior to site constructed homes of comparable size and design. Haven’s homes are developed from custom drawings and can include almost any desired architectural details. During construction, the homes are subject to regular quality assurance checks in the plant. An independent agency certifies compliance with local building codes before shipment. Construction occurs in an enclosed plant so the home is not exposed to rain, mud and wind before it is weather tight. The finished home, which normally consists of 4 to 10 components, is delivered to the building site fully fitted and trimmed. Only final connections and minor finishing are required for completion.
“We believe that Haven Homes' method of building custom homes is the wave of the future”, said Bob Strouse, President of Wind River Holdings. “The construction industry is experiencing severe shortages of skilled labor. Haven’s factory workforce is well trained and experienced in producing homes with fine architectural detail. This gives the home builder the kind of quality they are looking for without having to find and manage subcontractors.”
Haven’s manufacturing sites are well positioned geographically to serve the growing housing market. The northeastern plants serve the major east coast markets from Baltimore through the state of Connecticut. Haven’s largest concentration of homes is in Fairfield County, outside of New York City. Haven recently completed a shore home in Southampton Long Island that was over 10,000 square feet in size.
The southeastern plant, in Ridgeland, South Carolina, is Haven’s newest facility. The plant has over 80,000 square feet of manufacturing space and is strategically positioned outside of the resort communities around Hilton Head Island. The plant has delivered homes locally that range from small vacation houses to million dollar condominiums. In late 2005, Haven delivered the first of several custom homes to Daufuskie Island south of Hilton Head. The home is 5,500 sq. ft with 8 bedrooms and 8 baths. Complicating matters, Daufuskie Island does not have a bridge from the mainland. The units for the home had to be delivered by barge.
Under Wind River, Haven Homes will relocate its headquarters to Ridgeland, South Carolina. Don Dick, the current CEO of Haven will continue in his capacity. Haven will begin a strategy formulation process using Wind River’s proprietary Strategic Architecture process in early 2006. “We believe that with Wind River’s support we can make Haven Homes the premier provider of custom off-site constructed homes in the United States,” said Don Dick. “Our goal is to serve the rapidly growing real estate markets on the east coast and gulf regions with a truly superior product. We are anxious to get going on our program.”
Wind River Holdings is a privately held investment company that buys and builds businesses. Wind River is a long-term investor that creates value by applying its proprietary Strategic Architecture process to drive profitability and growth in its operating companies. Wind River is actively seeking additional middle market acquisitions for its portfolio. For more information about Wind River Holdings visit www.windriverholdings.com.
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