Atlanta, GA (August 15, 2022) – MSouth Equity Partners, an Atlanta-based private equity firm with an office in Nashville, announced the closing of its newest investment. In partnership with the company’s management team, MSouth completed the acquisition of Sunbelt Modular (“Sunbelt” or the “Company”).

Sunbelt Modular, based in Phoenix, AZ, is a manufacturer of commercial modular buildings in the U.S. The Company operates under seven distinct brands in its regional footprint: Amtex Corporation (TX), Indicom Buildings (TX), MR Steel (AZ), Phoenix Modular (AZ), ProMod Manufacturing (GA), Southeast Modular Manufacturing (FL), and Specialized Structures (GA). Sunbelt manufactures both custom and fleet modular units and serves a broad range of end-markets. The Company was formed in 2020 through the combination of two leading regional modular players, and it will continue to be led by CEO Ron Procunier, an executive with over 30 years of experience in the commercial modular manufacturing industry. 

“We are very pleased to have the opportunity to partner with Ron and the management team on this investment,” said Peter Pettit, an MSouth Partner. “Sunbelt Modular has an established track record of growing within its existing markets and opening new greenfield facilities, all while delivering for its employees, dealer partners, and suppliers. We look forward to supporting Ron and team in continuing the Company’s current business model and achieving their growth objectives.”

CEO Ron Procunier commented, “We believe that having MSouth join us as our new controlling equity investor will greatly benefit our existing dealer network and allow us to leverage and expand upon the impressive accomplishments that have been achieved by our talented employees with the support of a great group of former investors. We value our long-term relationships with our dealers and will continue to find ways to better service and create value for them.”

“The acquisition of Sunbelt Modular fits within our core competency,” said Charles Stubbs, an MSouth Partner. “We look forward to continue adding additional companies to our platform in the years to come.”

MSouth Equity Partners is a private equity investment firm that provides equity capital and expertise to support management teams in acquisitions and recapitalizations of lower middle market companies typically valued between $25 and $250 million. Based in Atlanta and Nashville, MSouth invests primarily in the South with a consistent focus on management buyouts of business services, specialty distribution, niche manufacturing, healthcare services, and telecommunications/media companies. With more than $2.2 billion of capital raised across four funds, MSouth is a successor to Cravey, Green & Wahlen, Inc., which was founded in 1984.