Resun Corporation Strengthens its Modular Space Business With Key AcquisitionCombined Entity, To Be Renamed Modular Space Corporation (ModSpace), Is Among North America's Largest Modular Building Providers DULLES, VA-April 2, 2007 - Resun Corporation ("Resun") announced today that it has completed the purchase of General Electric Capital Corporation's 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." To learn more about ModSpace, please visit www.modspace.com Frequently Asked Questions regarding Resun's
acquisition of GE's Modular Space: For More Information Contact: For ModSpace: Charles Paquin, CEO (703) 661-7249 cpaquin@modspace.com For Calera Capital: |
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