PEMBROKE, N.H., Aug. 17, 2006 (PRIMEZONE) -- Epoch Corporation of Pembroke, NH announces that it has sold a controlling interest to Concord, NH businessman, John D. Ela and Ironwood Equity Fund, a private equity fund based in Avon, CT. John Ela will serve as President and CEO and Epoch co-founder, Doug Basnett, will continue in a leadership position with the firm as Chief Operating Officer and remains a shareholder. Pat Laughlin and Tom Swanson, two of the original owners that started the Company with Doug in 1983 have decided to retire. Pat Laughlin says, "Knowing we are leaving the Company in good hands makes it much easier for us to retire at this time."
Epoch Corporation (www.EpochHomes.com) is the leading manufacturer of high quality, fully custom designed modular homes, cottages and mansions. The award winning designs are sold through a network of independent builders located in upscale markets across New England. "Epoch Homes has a unique market position in that it is the only manufacturer in the Northeast dedicated to serving the mid to upper end of the market with fully custom homes," said John Ela. "Every home begins as a clean piece of paper and ends as a unique design reflecting the dreams of our customers. Our independent Builders are focused on the custom building process and work closely with us to manage the customer's experience from start to finish."
COO, Doug Basnett, stated "that when he and his Partners began to consider selling the company they wanted to find new partners that believed in Epoch's mission and who could add value to help him to bring the business up to the next level. Partnering with John Ela and Ironwood brought needed growth capital, along with a depth of experience in management systems, lean manufacturing, and strategic marketing, strengths essential for continued growth."
The Ironwood Equity Fund primarily targets equity investments in growth, buyout, and refinancing transactions for companies with annual revenues of $5 million or more. It will invest in both control and minority positions. The Ironwood Equity Fund LP and its affiliated fund, the Ironwood Mezzanine Fund, are part of Ironwood Capital Management (www.Ironwoodcap.com) and together manage $150 million in capital, which is invested in growing middle market companies.
According to Alex Levental, Director of Ironwood Equity Fund, "Epoch's process for custom design and manufacture of architecturally detailed homes, utilizing state of the art technology in a controlled factory environment is very attractive to Builders who are finding it increasingly difficult to control quality and delivery, while building on site. As more and more independent Builders discover the ease and quality of the Epoch process, we anticipate rapid growth. While the technology started at the low end of the market, today modular technology has surpassed traditional site built methods for quality, cost and delivery. Epoch is already leading the way in custom home building in markets like Greenwich, CT and Nantucket."