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Stewart Park Homes has sold a portion of its business to an investment firm, raising additional operating capital that will enable the Thomasville, Ga., park-model manufacturer to double its work force and production capability, company officials said.
“This will give us the ability to capture more market share and lessen our production backlog,” said Charles B. Baisden, marketing manager for Stewart Park Homes.
The investor, North Canton, Ohio-based Cross Holdings, LLC, is a private holding company that invests in early stage and middle-market companies across the United States, according to the company’s website.
Proceeds from Stewart Park Homes’ partnership with Cross Holdings will be used to immediately double Stewart’s work force to 150, making the firm the 10th largest employer in the Thomasville area, Baisden said.
The increased work force will also enable the company to double its production of park models and lessening its order backlog, which currently extends into December, he said.
Stewart Park Homes announced the partnership with Cross Holdings following several months of record-setting growth for the company. “I think we did $8 million in sales in all of 2003,” Baisden said. “In August alone, we did $1.5 million.”
Rising demand for park models is being fueled by campground operators, who use the units for rental purposes, as well as consumers, who use them for vacation homes, Baisden said.
Most of Stewart Park Homes’ dealers are in California, Maine and Florida, though it markets park models nationally and overseas.
Stewart Park Homes President Lucas Stewart said a portion of the funding from Cross Holdings also would be used to help the company branch into new markets such as panel housing.
Founded in January of 2002, Stewart Park Homes produces all types of park models, including log cabins, vinyl units and stucco park parks.