Published Nov. 8, 2012
Morningside, headquartered in Ridgefield, Conn., will become the majority shareholder in the privately held S.C. company, with Southland’s management also holding a stake.
The investment amount was not disclosed. Morningside said it recently invested more than $100 million in Southland and four other companies.
“We believe that Southland and its leadership position in the market represent an excellent investment opportunity for our firm,” said Mark Riser of Morningside. “Southland has weathered the long downturn in housing with its key strengths intact, and the time is right to fund the company’s growth plans into new geographies in North America beyond its current focus in the Southeast and Southwest.”
Founded in 1978, Southland has sold more than 30,000 log homes in the United States, Canada, Europe and Japan. The company operates model home sales offices in 10 states and has authorized dealers located in the United States, Europe and Asia.
“We are excited that Southland will be even better able to take advantage of the improving conditions in the housing market,” said Ken Sekley, Southland president and CEO.
“Morningside’s investment in the company is also a recognition of the key advantage that Southland can offer homeowners: naturally beautiful homes that span the range from the traditionally rustic to the latest trends in home design and sustainability,” Sekley added.
On its website, Morningside said it has investments in a variety of industries from short-line railroads to the stone and tile industries.
“Our goal is to partner with the owners and managers of growing businesses in transition or undergoing a change,” according to a statement on the firm’s website.