Black Diamond Group Limited, a leading provider of space rental and workforce accommodation solutions, that its U.S. subsidiary, BOXX Modular Inc. acquired Exton, PA-based Vanguard Modular Building Systems for $58.7 million in late November of 2020.
Vanguard is a leader in the classroom rentals vertical and is well-positioned in key U.S. markets
Mariotti Building Products
Viking Carrier
PFS Corporation
Vanguard provides relocatable modular classrooms and commercial complexes in key markets in the eastern and southern U.S. By state, Vanguard’s largest markets are Virginia, North and South Carolina, and Texas. The acquisition provides Black Diamond with greater scale in the U.S. and strong customer relationships, especially among local school districts through which the Company expects to generate stable recurring revenues and steady growth.
Vanguard’s modular classrooms business is especially well-developed, representing over 70% of Vanguard’s total rental revenue. The classroom business generates stable demand and is generally uncorrelated with broader economic cycles. It has significant growth potential in a number of markets but especially in the U.S. southeast and Texas due to increasing enrollment, state education spending and rising attendance in charter and post-secondary schools.
Gary Fleisher is the Managing Director and contributor to the Modcoach Network and its affiliated blogs. Email at modcoach@gmail.com
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