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VBC equity offering to fund modular construction expansion.
Founded in 2009 by Australian expat Vaughan Buckley, the Philadelphia-based modular construction company, Volumetric Building Company is raising USD$75 million according to a filing with the U.S. Securities and Exchange Commission.
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.”
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In recent years, Buckley and his team have embarked on an aggressive and timely acquisition strategy with 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 USD$1 billion company in the next few years.
Earlier this year VBC also recruited Swedish modular construction expert, Helena Lidelöw for the newly-created role of Chief Technical Officer. According to company sources she brings “decades of experience and leadership to support VBC’s global growth trajectory and to further enhance the company’s design and production process”.
See their filing HERE
See: https://www.vbc.co/
