- Singapore wealth fund and other investor bought 71% stake
- YES! manufactures and owns pre-fabricated homes in the U.S.
Singapore’s sovereign wealth fund GIC Pte is one of two investors in YES! Communities, a deal that values the U.S. manufacturer and owner of pre-fabricated homes at more than $2 billion, according to a person familiar with the purchase.
Affiliates of GIC and another unidentified investor acquired a 71 percent stake in closely held YES! from Stockbridge Capital Group LLC, according to a statement on the GIC website published Monday evening. The statement didn’t give details of the stakes bought and prices paid. The valuation of the U.S. firm was confirmed by a person familiar with the purchase, who requested anonymity because the information is private.
Founded in 2007, the portfolio of Denver-based YES! includes 178 communities across 17 states, with more than 44,600 residential home sites, an inventory of more than 11,500 manufactured homes and a portfolio of home loans secured by homes within its communities, according to the statement.
The Wall Street Journal in June reported that GIC was in talks to buy YES!, valuing the firm at more than $2 billion.