British construction group Reds10 has acquired a majority stake in Louisville-based modular homebuilder MMY US, establishing a U.S. operation as the companies prepare to expand factory-built housing production.
The investment gives Reds10 a foothold in the Midwest and supports MMY’s plans to redevelop the historic Wellman-Seaver-Morgan Engineering Company Building at 7000 Central Avenue in Cleveland into a construction manufacturing center, according to Reds10’s October 26 announcement.
The company did not disclose the purchase price or the exact size of the majority stake in the announcement.
MMY operates a manufacturing facility in Louisville and has an approximately $100 million order book, Reds10 said. Its business is principally active in Kentucky, Ohio and Indiana, with 56 employees.
The investment brings Reds10 Group to 14 companies and more than 1,000 employees. Its combined manufacturing facilities in Britain and the United States total approximately 640,000 square feet.
MMY designs, manufactures and builds permanent modular homes. The company completes approximately 85% of construction off site, with a product range spanning single-family homes, smaller multifamily buildings and developments of up to 72 homes and four stories, Reds10 said.
Reds10 chief executive Paul Ruddick said the investment combines MMY’s U.S. market knowledge and local partnerships with the group’s design, manufacturing and construction capabilities. Reds10 plans to support MMY’s existing project pipeline and expansion with capital, technology and additional operating capacity.
The U.S. investment follows the September launch of Reds10 Developments, the group’s British residential development business focused on working with councils, housing associations, charities and other developers.
JBizNews Desk | Louisville, Kentucky
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