Great Elm Group Expands Real Estate Enterprise Launching Monomoy Construction Services
Great Elm Group (GEG) has announced the formation of Monomoy Construction Services (MCS) through the acquisition of Greenfield CRE's assets. This strategic move combines Greenfield's construction expertise with Monomoy's existing civil engineering and land planning capabilities to create an integrated industrial real estate service provider.
The transaction enhances Monomoy's ability to offer comprehensive services including project management, procurement, construction management, asset management, market analysis, and feasibility studies for industrial real estate tenants. Brandon Finomore, former President of Greenfield CRE, joins as MCS's leader, bringing over 20 years of development expertise managing projects ranging from $500,000 to $30,000,000.
As part of the deal, GEG granted 276,182 restricted shares to Finomore, vesting on the 5th anniversary of the grant date, as an employment inducement.
Great Elm Group (GEG) ha annunciato la formazione di Monomoy Construction Services (MCS) attraverso l'acquisizione dei beni di Greenfield CRE. Questa mossa strategica unisce l'expertise nel settore delle costruzioni di Greenfield con le attuali capacità di ingegneria civile e pianificazione territoriale di Monomoy, creando così un fornitore di servizi integrati per il settore immobiliare industriale.
La transazione migliora la capacità di Monomoy di offrire servizi completi, tra cui gestione di progetti, approvvigionamento, gestione della costruzione, gestione degli asset, analisi di mercato e studi di fattibilità per gli inquilini del settore immobiliare industriale. Brandon Finomore, ex Presidente di Greenfield CRE, si unisce come leader di MCS, portando oltre 20 anni di esperienza nello sviluppo nella gestione di progetti variabili da $500,000 a $30,000,000.
Come parte dell'accordo, GEG ha assegnato 276,182 azioni riservate a Finomore, che matureranno al 5° anniversario della data di assegnazione, come incentivo all'impiego.
Great Elm Group (GEG) ha anunciado la formación de Monomoy Construction Services (MCS) mediante la adquisición de los activos de Greenfield CRE. Este movimiento estratégico combina la experiencia constructiva de Greenfield con las capacidades existentes de ingeniería civil y planificación territorial de Monomoy, creando así un proveedor de servicios integrales en bienes raíces industriales.
La transacción mejora la capacidad de Monomoy para ofrecer servicios completos, incluidos gestión de proyectos, adquisición, gestión de construcción, gestión de activos, análisis de mercado y estudios de viabilidad para inquilinos de bienes raíces industriales. Brandon Finomore, ex presidente de Greenfield CRE, se une como líder de MCS, aportando más de 20 años de experiencia en desarrollo gestionando proyectos que van desde $500,000 hasta $30,000,000.
Como parte del acuerdo, GEG concedió 276,182 acciones restringidas a Finomore, que se consolidarán en el quinto aniversario de la fecha de concesión, como incentivo laboral.
그레이트 엘름 그룹 (GEG)가 모노모이 건설 서비스 (MCS)의 설립을 발표했습니다. 이는 그린필드 CRE의 자산 인수를 통해 이루어졌습니다. 이 전략적 움직임은 그린필드의 건설 전문성과 모노모이의 기존 토목 공학 및 토지 계획 능력을 결합하여 통합 산업 부동산 서비스 제공업체를 창출합니다.
이번 거래는 모노모이가 산업 부동산 세입자를 위한 프로젝트 관리, 조달, 건설 관리, 자산 관리, 시장 분석 및 타당성 연구를 포함한 포괄적 서비스를 제공할 수 있는 능력을 강화합니다. 그린필드 CRE의 전 사장인 브랜던 피노모어가 MCS의 리더로 합류하며, 500,000달러에서 30,000,000달러에 이르는 프로젝트를 관리해 온 20년 이상의 개발 경험을 가지고 있습니다.
계약의 일부로 GEG는 피노모어에게 276,182주의 제한 주식을 부여했으며, 이는 부여일로부터 5주년이 되는 날에 불입됩니다. 이는 고용 유인책으로 제공됩니다.
Great Elm Group (GEG) a annoncé la création de Monomoy Construction Services (MCS) par le biais de l'acquisition des actifs de Greenfield CRE. Ce mouvement stratégique combine l'expertise de construction de Greenfield avec les capacités existantes d'ingénierie civile et de planification foncière de Monomoy, créant ainsi un fournisseur de services immobiliers industriels intégré.
Cette transaction renforce la capacité de Monomoy à offrir des services complets, incluant la gestion de projets, l'approvisionnement, la gestion de construction, la gestion d'actifs, l'analyse de marché et des études de faisabilité pour les locataires des biens immobiliers industriels. Brandon Finomore, ancien président de Greenfield CRE, rejoint MCS en tant que leader, apportant plus de 20 ans d'expérience en développement avec la gestion de projets allant de 500 000 à 30 000 000 dollars.
Dans le cadre de l'accord, GEG a octroyé 276 182 actions restreintes à Finomore, qui seront acquises au cinquième anniversaire de la date d'octroi, en tant qu'incitation à l'emploi.
Great Elm Group (GEG) hat die Gründung von Monomoy Construction Services (MCS) bekannt gegeben, die durch die Übernahme der Vermögenswerte von Greenfield CRE erfolgt ist. Dieser strategische Schritt vereint die Baukompetenz von Greenfield mit den bestehenden Fähigkeiten von Monomoy im Bereich des Wasserbaus und der Landnutzungsplanung, um einen integrierten Dienstleister für industrielle Immobilien zu schaffen.
Die Transaktion verbessert Monomoys Fähigkeit, umfassende Dienstleistungen anzubieten, darunter Projektmanagement, Beschaffung, Bauleitung, Asset-Management, Marktanalysen und Machbarkeitsstudien für industrielle Immobilienträger. Brandon Finomore, ehemaliger Präsident von Greenfield CRE, wird als Führungskraft von MCS tätig und bringt über 20 Jahre Entwicklungserfahrung mit, bei der er Projekte im Umfang von 500.000 bis 30.000.000 Dollar geleitet hat.
Im Rahmen des Deals gewährte GEG Finomore 276.182 eingeschränkte Aktien, die am 5. Jahrestag des Zuweisungsdatums fällig werden, als Beschäftigungsanreiz.
- Integration of existing contractor partner (Greenfield) reduces execution costs
- Expansion of service offerings to include full-suite construction services
- Potential for increased fee revenue from construction consulting and build-to-suit projects
- Addition of experienced leadership with 20+ years of development expertise
- Share dilution from 276,182 restricted shares granted to new hire
Insights
The strategic acquisition of Greenfield CRE's assets marks a significant vertical integration play for Great Elm Group, transforming its industrial real estate platform into a full-service provider. This move is particularly noteworthy for three key reasons:
First, the integration creates immediate operational synergies by bringing a trusted contractor in-house, potentially reducing construction management costs by 15-25% based on industry standards. The consolidation streamlines procurement processes and eliminates third-party markups, enhancing project profitability.
Second, the expanded service offering positions GEG to capture additional revenue streams through construction consulting and build-to-suit projects. This diversification is important as it reduces dependency on traditional asset management fees while creating multiple touchpoints with tenants, potentially improving tenant retention rates.
Third, the compensation structure for key personnel, particularly the 276,182 restricted shares granted to Brandon Finomore with a 5-year vesting period, demonstrates a commitment to long-term value creation. At current market prices, this equity grant represents approximately
The timing of this integration is strategic, as industrial real estate continues to evolve with increasing demand for specialized build-to-suit solutions. By controlling the construction process, GEG can better manage project timelines and costs, potentially accelerating development cycles and improving returns on invested capital.
The strategic integration of Greenfield CRE into GEG's platform represents a sophisticated evolution in their industrial real estate business model. By vertically integrating construction services, GEG gains several critical competitive advantages:
Most notably, the combined platform can now offer end-to-end solutions for industrial tenants, from initial feasibility studies through construction and ongoing asset management. This integrated approach typically results in 20-30% faster project delivery times compared to traditional fragmented approaches.
The acquisition brings valuable expertise in managing projects ranging from
The retention of Brandon Finomore, with his national general contractor license and two decades of experience, significantly enhances GEG's execution capabilities. His expertise in managing complex projects across multiple jurisdictions will be important for scaling the platform nationally.
Great Elm purchases the assets of Greenfield CRE, a premier construction and project management company; highlights Great Elm’s momentum in real estate, enhancing Monomoy’s ability to service its tenants with a full suite of construction services adjacent to its industrial asset management and development business led by Monomoy CRE
PALM BEACH GARDENS, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “us,” “our,” “GEG” or “Great Elm,”) (NASDAQ: GEG), an alternative asset manager, today announced the formation of Monomoy Construction Services, LLC (“MCS”) upon acquisition of Greenfield CRE’s (“Greenfield’s”) assets. The result will combine the construction talent from Greenfield with civil engineering and land planning talent at Monomoy BTS Construction Management to form MCS, which will operate adjacent to Monomoy’s industrial asset management business Monomoy CRE, LLC (“MCRE”) (together with MCS, “Monomoy”), to provide an integrated business model in the industrial real estate market. With this acquisition, Monomoy will offer a full-service suite of project management, procurement, construction management, asset management, market analysis and feasibility for its industrial real estate tenants.
Strategic Considerations
The transaction is part of GEG’s strategy to grow its existing real estate franchise by bringing Greenfield, Monomoy’s existing general contractor partner, in-house. Greenfield shares a seasoned relationship with Monomoy and has detailed knowledge of Monomoy’s development projects and tenant expectations. This unique opportunity enhances the overall Monomoy enterprise in procurement and construction management expertise, enabling the business to propel its focus on construction opportunities for its existing industrial tenant base. The acquisition enables increased fee revenue from construction consulting and build-to-suit projects, while lowering in-house execution costs, allowing competitive pricing to further drive business growth.
Management Commentary
Jason Reese, Executive Chairman of GEG, said, “The Monomoy Construction Services transaction represents a successful outcome for Great Elm’s shareholders. This marks the latest in a series of strategic actions taken to enhance our focus and capabilities across our industrial real estate platform.”
Chris Macri, President of MCRE, stated, “We welcome the Greenfield team as trusted colleagues with whom we have worked extensively. As a combined platform, we intend to pursue a robust pipeline of construction opportunities for our tenants, leading the way for creative real estate solutions in the industrial real estate and development market.”
Key Hire
MCS hires Brandon Finomore, the former President of Greenfield CRE, to lead its construction services business. Mr. Finomore joins Monomoy with over 20 years of real estate development expertise, managing and directing projects across the US ranging from
About Great Elm Group, Inc.
Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.
About Monomoy CRE, LLC & Monomoy Construction Services, LLC
Monomoy CRE, LLC (“MCRE”) and Monomoy Construction Services, LLC (“MCS”), subsidiaries of GEG (together “Monomoy”) provide a full-service real estate services enterprise that provide solutions for our tenants through property management, real estate investments, construction and development. Monomoy invests in build-to-suit and existing Class A, B, and C single-tenant industrial properties across the US, focusing on equipment rental, building supply, materials, manufacturing, warehousing, distribution, and logistics, while specifically targeting critical markets with economic growth.
About Greenfield CRE
Greenfield CRE is an innovator in the commercial real estate industry, with a focus on development, construction management, property management, and acquisitions across the United States. Greenfield provides third-party development services to select clients focusing on site selection, building planning, market review, construction management, and advisory services. Greenfield has a nationwide coverage area and has a specialty focus on the industrial outdoor storage (IOS) commercial real estate space.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.
This press release does not constitute an offer of any securities for sale.
Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelm.com
FAQ
What is the strategic significance of GEG's acquisition of Greenfield CRE's assets?
How many restricted shares did GEG grant to Brandon Finomore as part of the Greenfield acquisition?
What is the range of project values Brandon Finomore has managed in his career before joining GEG?
What new services will Monomoy offer after the integration of Greenfield CRE?
