Pulte Acquires Integrated CM, Innovative Construction Group
Originally published by: PulteGroup — January 28, 2020
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PulteGroup, Inc. announced that it has acquired Innovative Construction Group (ICG), a leading off-site solutions provider focused on single family and multifamily wood framed construction. Based in Jacksonville, Florida, ICG’s comprehensive framing solutions include design services, manufactured wall panels, roof trusses and floor systems, and on-site installation to provide a full frame shell construction process. ICG will remain a stand-alone operation and continue serving its existing customer base and builder clients.
The acquisition of ICG builds on PulteGroup’s unique commonly managed plan platform and its long-term strategy to drive greater production efficiency and overall build quality. Off-site solutions can deliver high quality framing components with less waste and help address trade labor shortages that are a persistent problem for the construction industry.
“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,” said Ryan Marshall, President and CEO of PulteGroup. “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,” added Marshall. “ICG can also serve as a model to intelligently integrate the use of off-site production with our existing trade partners.
“Over the last decade, we have continuously developed and refined our fully integrated off-site model to service single family and multifamily customers,” said Ryan Melin, co-Founder and President of ICG. “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.”
Whelan Advisory acted as the exclusive advisor to Innovative Construction Group.
Editor's Note: During PulteGroup's Q4 2019 earnings call the day after their announced purchase of ICG, they provided further insight into their strategic thinking behind the acquisition in the following slide: