ANNOUNCEMENT: Modular Building Systems (MBS) sells to Fleetwood Corporation

MBS owner and Managing Director, Murray Shaw, announced today (25 July 2018) the sale of 100% of shares to Fleetwood Corporation.

Fleetwood is a national, public company with a major share in the modular manufacturing market across Australia. The acquisition of MBS will significantly strengthen the company’s position in the east coast, and provide a much greater capability to take on large scale modular projects.

Fleetwood Managing Director and CEO, Brad Denison, said “MBS provides Fleetwood with a large and modern facility in the key Western Sydney market that has forward contracted government commitments in the growing corrections sector. As well as allowing Fleetwood to enter a new sector that has economic and political tailwinds, the acquisition will provide Fleetwood an opportunity to participate in the large upcoming education spend in NSW.”

MBS founder, Murray Shaw, will continue to work in the business for at least the next two years ensuring the successes of the past are continued into the future as part of Fleetwood.

Fleetwood will give MBS access to an extensive depth of resources that will enable it to keep at the forefront of the modular manufacturing market in NSW and ensure it makes a substantial contribution to the Group’s ongoing sales and profitability.

MBS will continue to deliver outstanding modular solutions and exceptional service to its customers in NSW and throughout Australia.

Please do not hesitate to contact the undersigned should you wish to discuss any aspect raised in this announcement.

Yours sincerely,

Lew Deegan
General Manager

WHY BUILD WITH MODULAR ?

| FASTER TIMEFRAMES – Your overall project time can be reduced by over 60%.
| BETTER AFFORDABILITY – Expedited delivery program which keeps your costs down.
| CONSISTENT QUALITY – We adhere to ISO9001 processes to ensure consistent quality.
| INCREDIBLE FLEXIBILITY – Build to any size as well as single or multi-storey.
| STRONGER STEEL FRAME CONSTRUCTION – MBS manufacture all frames in-house.
| GREENER CONSTRUCTION – MBS practice environmental responsibility.