Construction & Modular Housing
SteelHomes: The Capital Package for a 12× Capacity Step-Change
SteelHomes — Miami, FL
$60M
equity raise to fund a robotics-driven production plant
12×
capacity step-change: ~96 to 1,200 units per year
$303M
Year-5 projected revenue, at ~26% EBITDA margins
$1M → $7.6M
revenue already scaled 2020–2023, and profitable
Situation
SteelHomes is a steel-frame, 3D-volumetric modular home builder with something most raising companies lack: a real, profitable track record. Since 2020 it has grown revenue from $1.0M to $7.6M, turned profitable, and earned a rare Florida Category-5 (180 mph) hurricane approval — a genuine moat in hurricane-exposed markets, against a U.S. housing market short 3.8 million homes and a modular sector compounding at 7.5% a year.
The constraint was capacity, not demand. The existing plant is capped at roughly 8 homes a month, and the balance sheet couldn’t self-fund the step-change to national relevance. The engagement’s job was to build the capital package that turns a proven small builder into a financed scale story.
The engagement
CMA built the investor- and lender-ready package — business plan, financial model, brand, and deck — around one clear thesis: fund the plant, unlock the capacity, and convert it through a channel.
A pro forma grounded in real actuals
The credibility of the raise rests on the fact that the projection isn’t a cold start — it’s the extension of a real revenue history. The model carries the audited $1.0M→$7.6M actuals straight into the post-funding ramp, so the step-change from ~$7.6M to a Year-1 of ~$32.8M is explicitly a capacity story, not a hopeful hockey stick.
That top line converts to ~26% EBITDA margins at scale — the margin profile automation and volume are meant to unlock.
The step-change the $60M actually buys
The raise is legible because it maps to one physical thing: a 200,000-sq-ft, robotics-driven plant that lifts annual capacity roughly 12× — from ~96 units a year to 1,200 — paired with 40 regional sales centers to fill it. The whole investment case is that capacity, not demand, was the ceiling.
Why the structure mattered
The discipline was to anchor the raise to a proven base and a physical constraint. A modular-housing pitch that projects hundreds of millions from a standing start reads as fantasy; the same projection built off a real $1M→$7.6M history, tied to a specific plant and a quantified 12× capacity step, reads as a financeable plan. The Category-5 moat gives the demand case teeth; the actuals give the pro forma credibility; the plant gives the capital a job.
Impact
SteelHomes left with a complete, funding-ready capital package: a demand case built on a Cat-5 moat and a 7.5%-CAGR market, a pro forma grounded in real $1M→$7.6M actuals, and a $60M raise sized to a 12× capacity step-change toward $303M in Year-5 revenue at ~26% EBITDA margins. (Pro forma figures are projections from the raising materials; historical figures are actuals.)
The company had already proven it could build and sell — the raise was about removing the one constraint left: capacity.
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The Transformation
Before & after
Before
A profitable builder capped at ~8 homes a month.
After
A financed plan for a plant producing 1,200 units a year.
Before
A hurricane-resilience moat with no capital to scale it.
After
A $60M raise sized to a 12× capacity step-change.
Before
A pitch on ambition.
After
A pro forma from a real $1M→$7.6M actual track record.
Before
Growth throttled by cash flow.
After
A capital package matched to the plant and the channel to fill it.
The Work, In Sequence
How the engagement ran
- 1
The demand case
A market read grounded in a 7.5%-CAGR North American modular sector, a 3.8M-home U.S. shortage, and a rare Florida Category-5 (180 mph) approval — the differentiator that makes SteelHomes specifiable in hurricane markets.
- 2
From a real track record to a pro forma
A five-year projection built off audited actuals — revenue already scaled from $1.0M (2020) to $7.6M (2023) at profit — modeling the post-plant ramp to $303M at ~26% EBITDA margins.
- 3
The capacity step-change & the raise
A $60M equity raise funding a 200,000-sq-ft robotics plant that lifts capacity ~12× (to 1,200 units/yr), plus 40 regional sales centers to convert that capacity into a channel.