North American arm of Taylor Wimpey plc to be sold to TPG Capital, Oaktree Capital Management and JH Investments
North American homebuilder Taylor Morrison, with homebuilding operations in Arizona, California, Colorado, Florida and Texas as well as in Canada, is being sold to a private investment consortium for $955 million, according to top company officials.
Taylor Wimpey plc announced 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 are pleased to add Taylor Morrison to our growing portfolio of real estate-related businesses,” said Kelvin Davis, TPG senior partner. “Along with Monarch, its Canadian business, Taylor Morrison is a premier North American homebuilder with a reputation for quality, superior design and customer satisfaction. We’re looking forward to working with the company’s management team who has done an excellent job leading the businesses through a difficult economic environment.”
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.