Coachmen Industries Inc. announced it intends to buy another modular builder, closely-held KanBuild Inc., which had $28 million in sales in 1999.
Proposed terms of the transaction were not revealed.
The deal needs to be approved by the boards of both companies and is subject to customary due diligence and other conditions.
KanBuild, which has factories in Kansas and Colorado, builds modular structures for residential, multi-family and commercial uses. “This acquisition strengthens our position in modular construction and fits our strategic plan to expand this core business of Coachmen,” said Claire Skinner, chairman, president and CEO.
KanBuild has 360 employees and operates plants in Osage City, Kan., and Loveland, Colo. It also is building a larger factory in Millikin, Colo.
If the KanBuild acquisition is completed, it would be Coachmen’s third purchase of a modular buildings company this year. Earlier, Coachmen bought Mod-U-Kraf Inc. of Rocky Mount, Va., and Miller Building Systems Inc. of Elkhart, Ind.
Coachmen believes it already is the nation’s leading builder of modular homes.