Luxury home builder Taylor Morrison and Canadian sister company Monarch homes (built to suit) have been acquired for $955 billion by TMM Holdings LP, which is owned indirectly by investment funds managed separately by TPG Capital, Oaktree Capital Management LP and JH Investments.
Monarch builds in Canada while mega builder Taylor Morrison builds in Florida, Texas, Colorado, California and Arizona where it is headquartered and employs 687 people.
Taylor Wimpey PLC sold both home-building operations. President Sheryl Palmer told BizJournals.com that the buyout will fund expansion of the Taylor Morrison brand.
“We’ve shown that we can be a profitable, viable company during a difficult time. This sale is a vote of confidence for the team and the way we do business and we’re looking forward to capitalizing on it,” Palmer said.
With such a massive acquisition, is there hope for the new home construction sector? Could this motivate builder’s confidence in the long run? Builders have struggled with tight lending for construction and tight lending for home loans, hitting them hard and producing historic lows regarding starts and sales.
Taylor Morrison has beat the trends in recent years and remained profitable despite a housing sector in peril.
This article published on Monday, July 18th, 2011 at 4:33 am | Contact the editor Tags: featured, new home construction, Real Estate NewsCategory: News
AgentGenius is a rapidly growing real estate social media, tech, news, and opinion site built and designed by and for the on-the-go agent. Our mission is to be a positive force in the industry, led by people inside of real estate. We aim to keep you up to date on trends that we study closely in order to forecast what’s next on the horizon.
Email AGBeat News
No comments:
Post a Comment