Resun Corporation (“Resun”) announced today that it has completed the purchase of General Electric Capital Corporation’s GE North American modular space business. Concurrent with the acquisition, Resun has been renamed Modular Space Corporation (“ModSpace”).

The combination creates one of the largest modular building providers in North America, joining two leading, national players with highly complementary businesses. Resun has a strong presence in education markets and complex modular building applications, while the acquired business has deep product knowledge in construction markets and strong national account sales. The combined company will be well-positioned to serve the diverse and growing needs of its customers.

Charles Paquin, the CEO of ModSpace, stated, “The combined business will provide an outstanding offering to customers through its unmatched depth and breadth of products, full service capabilities and support, nationwide reach, optimal geographic distribution and highly efficient sourcing. We are excited about the opportunity to join two great teams with deep knowledge and experience in the industry to further grow and build the business.”

Keith Shipp, Senior Vice President of Sales, added, “There is a strong cultural fit between the two organizations and significant enthusiasm behind the combined company’s capabilities and future prospects.”

The purchase is being sponsored by ModSpace’s shareholders, including Calera Capital, ABS Capital and management. In addition to their equity, new credit facilities have been arranged through Bank of America and JP Morgan. Terms of the transaction were not disclosed.

James Farrell, a Managing Partner at Calera Capital, the majority owner of ModSpace, stated, “The combination brings together people, capabilities and capital to provide industry-leading products and services to customers and to support management’s growth plans.”

About Modular Space Corporation

Building on over forty years of experience and history, ModSpace is a leading provider of turnkey, engineered modular solutions for temporary and permanent application serving commercial, education, construction, government, and healthcare markets. ModSpace provides solutions to a diverse set of customers and markets through an extensive nationwide branch network throughout the United States and Canada. More information is available at www.modspace.com

About Calera Capital

Founded in 1991, Calera Capital, formerly known as Fremont Partners, is a private investment partnership which has managed more than $2 billion of equity investments in 23 companies, representing a total transaction value of $5.6 billion. With offices in San Francisco and Boston, Calera invests across a diverse range of industries, including financial services, business services, food and consumer, healthcare, building products, and industrial manufacturing. Calera Capital makes substantial equity investments in operating companies, typically with enterprise values up to $1 billion, and seeks to build long-term sustainable value by working with management teams to implement strategic and operating initiatives. More information can be found at www.caleracapital.com

About ABS Capital Partners

Founded in 1990, ABS Capital Partners has established a strong track record for investing in later-stage growth companies. With $1.5 billion under management, ABS Capital helps companies choose the growth initiatives that build the greatest long-term value. ABS Capital has partnered with numerous portfolio companies to achieve successful outcomes, including over 40 initial public offerings and acquisitions by market leaders like CBS Corporation, EMC Corporation, LabCorp and Pitney Bowes, Inc. For more information please visit www.abscapital.com 

For More Information, Contact:

For ModSpace:

Kathleen Rodriguez
(267) 229-9183
kathleen@gregoryfca.com

For ModSpace:
Charles Paquin, CEO
(610) 232-1200
cpaquin@modspace.com

For Calera Capital:
Michael Mandelbaum
(310) 785-0810
michael@mandelbaummorgan.com