West Partners, a San Diego area investment firm, has acquired a majority interest in Asset Development Group (“ADG”) and its affiliated businesses. Asset Development Group, which includes the consumer facing company Home Source One, is a vertically integrated manufactured housing and services platform that currently owns and operates 53 communities with more than 5,400 sites in Wisconsin, Minnesota, Iowa and Michigan.
In addition to property management, ADG provides insurance brokerage services, tenant home financing and leasing, and home brokerage assistance to residents within ADG communities. Asset Development Group was founded in 1986 and is headquartered in Milwaukee, Wisconsin.
“Manufactured housing is an attractive niche in the U.S. residential market, serving the growing need of affordable housing. We are excited to partner with a capable and experienced management team led by Jim Reitzner that shares our dedication to creating value over the long term,” said Art McGill of West Partners. Jim Reitzner, CEO of Asset Development Group, commented “We are honored to partner with the West Partners Team and look forward to their help and guidance as we expand our vertically integrated manufactured housing business throughout the U.S.”
Robert W. Baird acted as a financial advisor to Asset Development Group in the transaction. Terms of the investment were not disclosed. For more information about Asset Development Group / Home Source One, visit the Company’s website at www.homesourceone.net.
About West Partners
West Partners is the San Diego investment arm of the Gary & Mary West Family Office, making investments into privately held companies. The firm seeks to acquire controlling stakes in companies operating in growing markets, with strong management teams. West Partners also invests in commercial real estate. The permanent capital base enables West Partners to be more flexible in its investment approach than traditional private equity. Investments range from $10 million to $100 million. More information about West Partners can be found at www.westpartners.com.