February 10, 2020
(Courtesy: Jacksonville Business Journal)
Atlanta-based PulteGroup Inc. (NYSE: PHM) has acquired Jacksonville-based Innovative Construction Group.
ICG provided a range of services – design service, manufactured wall panels, roof trusses, floor systems, etc. – for the frame shell construction process. The company will “remain a stand-alone operation” and keep its existing customers, according to a PulteGroup press release.
Terms of the deal were not disclosed.
The acquisition helps PulteGroup, one of the largest homebuilders in the nation, to become more efficient by improving its ability to frame components offsite. Offsite construction helps offset labor shortages in any of PulteGroup’s more than 40 markets.
“We are extremely impressed with ICG’s management team and automated plant operations, and look forward to working with the company’s founders, who will continue to lead the organization,” PulteGroup CEO Ryan Marshallsaid in a statement. “As we capitalize on ICG’s existing products and services, we expect to expand the factory’s production capabilities to provide additional products and services to ICG’s customers.
“In acquiring ICG, we see the potential for our Jacksonville operations to benefit through faster cycle times, precision structural components and savings on lumber and other materials. ICG can also serve as a model to intelligently integrate the use of off-site production with our existing trade partners.”
ICG co-founder and president, Ryan Melin, expects to continue to refine the offsite techniques while part of PulteGroup.
“Over the last decade, we have continuously developed and refined our fully integrated off-site model to service single family and multifamily customers,” Melin said in a statement. “We are excited to partner with PulteGroup and leverage our shared passion for innovation to offer a broader range of services and capabilities to all of our customers.”