This post contains excerpts of “Modular Construction Firm Volumetric Building Companies to Raise USD$75M” by Builtoffsite.
If there was ever a time for a modular manufacturer to become the largest module producer in the world, it’s today and someone is taking a giant leap at doing just that.
Vaughan Buckley, the founder of VBC (Volumetric Building Company) in Philadelphia, is raising $75 million according to a filing with the U.S. Securities and Exchange Commission, to help him accomplish his goal.
Vaughan Buckley, Founder and President of VBC
Volumetric began offering equity on Oct. 11 and had raised USD$10 million as of Oct. 26. JP Morgan Securities LLC of New York is listed as the broker for the offering.
“This is one of the various tactical steps we’re taking to continue positioning VBC as a leader in providing meaningful, high-quality and cost-effective solutions globally to the housing and hospitality industry,” Volumetric CEO Vaughan Buckley said in a statement.
“We believe our proven track record of both process and ability to scale our operations to meet the demands of the market is what sets VBC apart, and showcases our commitment to this mission.”
In recent years, Buckley and his team have embarked on an aggressive and timely acquisition strategy by buying assets for USD$25 million from failed SoftBank-backed modular builder Katerra, and earlier this year, buying Polish-based modular builder Polcom.
Buckley expects the company to grow to at least USD$200 million in revenue by the end of the year and more than double its headcount to 1,000. He further confirmed his commitment for VCB to becoming a $1 billion company in the next few years.
CLICK HERE to read their SEC filing
