Santa Monica private equity firm Balmoral Funds and senior managers of Vesta Modular, a provider of rentable modular buildings, purchased the ownership interests of the Birmingham, Mich.-based company’s initial investors.

Terms of the transaction were not disclosed.

Billy Hall, Vesta’s chief operating officer, said that the Balmoral and management buyout of Vesta’s outstanding ownership of Vesta’s initial investors, including Soaring Pine Capital – a fund created by Sam Simon’s Family Office – and Wells Fargo Central Pacific Holdings, lays the groundwork for continued growth.

Sam Simon’s private equity interests include various legal entities operating under the brand of Simon Holdings Group, a family office for the Simon family and other wealthy families in Michigan.

The Balmoral investment is the first for the private equity firm’s $220 million Fund III, explained Jonathan Victor, senior managing director of Balmoral.

With the Balmoral investment complete, Vesta plans to continue its strategy of aggregating players within the modular industry.

Hall and Vesta CEO Daniel McMurtrie, who made up the management team to buyout Vesta, started the privately held modular building provider back in 2014. Today, it generates roughly $40 million in annual sales, said Hall in an interview.

Vesta owns a rental fleet of 3,000 modular buildings, and recently set up modular buildings to serve as a school for 60,000 students in Panama City, all of who were displaced by Hurricane Michael.

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329.