PHOTO: Taylor Morrison CEO and President Sheryl Palmer
Scottsdale, Ariz.-based home-building giant Taylor Morrison has closed on its sale to TMM Holdings Limited Partnership, which is owned indirectly by investment funds separately managed by TPG Capital and Oaktree Capital Management, L.P., as well as JH Investments. The $955 million deal includes Taylor Morrison and Toronto-based Monarch Group. The transaction was first announced on March 31, 2011.
Taylor Morrison CEO and President Sheryl Palmer said the sale offers new opportunities for expansion at a time when many builders are maintaining their positions. “Now it’s about being the best company we can be,” Palmer said. “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.”
Taylor Morrison currently builds single-family residences and townhomes in Arizona, California, Colorado, Florida, and Texas, while Monarch builds both low- and high-rise product in Toronto and Ottawa. A third division, Taylor Morrison Communities, focuses solely on land acquisition and development.
“The teams at Taylor Morrison and Monarch are focused on continuing the success the company has seen in recent years, pointing to the fact that all U.S. divisions returned to profitability in 2010 as a sign the homebuilder is on the right track,” Palmer added.
For more on the deal, visit: http://www.businessweek.com/ap/financialnews/D9OF17U80.htm