Taylor Morrison Sold for $955 Million
Thursday, March 31, 2011 at 4:55PM Top 10 North American homebuilder Taylor Morrison is being sold to a private investment consortium for $955 million, according to top company officials.
Taylor Wimpey plc announced today that it has agreed to sell its North American holdings, Taylor Morrison in the United States and Monarch in Canada, to investment funds separately managed by TPG Capital and Oaktree Capital Management, as well as JH Investments.
"We see this as a positive sign for the future of our business," said Taylor Morrison CEO and President Sheryl Palmer."The commitment and tenacity of our team has helped pave the road for today's announcement."
With homebuilding operations in Arizona, California, Colorado, Florida and Texas as well as in Canada, Palmer said the objective for the past year has been for all U.S. divisions to return to profitability, something she said was accomplished in 2010.
The transaction is contingent upon shareholder approval in the UK and customary regulatory approvals. The transaction is expected to close by the end of May 2011.
Taylor Morrison was created in 2007 when Taylor Woodrow Homes and Morrison Homes brands and operations were merged into a single U.S. home-building brand.
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