HURST, Tex. - Victura Construction Group, Inc. said in a regulatory filing it plans to divest Cherubim Custom Millworks, a Hurst, Texas architectural woodworking company. The millwork firm was acquired last year in a move to expand into vertical integration, but that strategy is being reversed, the company says.
Victura Construction, a Bedford, Texas-based construction industry holding firm, is part of Cherubim Interests, an investment and holding company focused on strategic acquisitions.
"Victura over the previous year has added a number of specialty subsidiaries from the construction of private hospitals in Canada, Custom Millworks, Electric, and International Logistics with the intention of these entities being mutually beneficial to the Victura brand of vertically integrated construction assets," says Patrick Johnson, Victura CEO.
"While all of these entities respectively have very good and in some cases immense potential, the company lacks the human capital to operate them and execute on their individual business models. We have determined that divestiture and/or dissolution of these assets is best for the company now and moving forward."
Johnson said that these measures, along with some additional corporate restructuring, "will allow us to re-narrow our focus to our core competency of insurance restoration at the subsidiary level, while at the same time re-positioning Victura as a more attractive holding company for new and exciting opportunities that present themselves as we refine our business profile at the parent company level in the coming months."
Victura Construction Group, Inc., its shares trading over the counter as VICT, is a holding company focused on strategic acquisitions within the construction industry that service both residential and commercial sectors in new development and construction projects, restoration and re-build following any covered loss or catastrophic event and materials supply opportunities within the industry. www.victuraconstruction.com.
Last year Cherubim Interests Inc. received $5 million in investment from Blackbridge Capital, LLC.
“Cherubim Interests has put together a clearly defined strategy to excel in an incredibly high-potential industry,” said Alex Dillon, managing partner of Blackridge Capital. “They have the tools and team in place to dominate in the coming years and we’re honored to be a key part of helping them advance.”
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