"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.
"We’ve weathered the storm while remaining true to our core values," she said. "We’ve
pulled through with a structure that we feel is very viable in today’s market."
"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."
John Brady, head of Oaktree’s global real estate investment strategy, added, "We're
excited about the opportunity to acquire this leading North American homebuilder
along with its high-quality management team and portfolio of properties. We believe
that the company’s international platform is an ideal vehicle for participating
in the future recovery of the homebuilding industry."
"We have been very intrigued with Taylor Morrison and Monarch for quite some time,
and we are looking forward to being associated with this first class organization,"
said Joe Houssian, Chairman, JH Investments.
Taylor Wimpey officials echoed Palmer’s sentiments in today’s sale announcement.
"In what has been an extremely challenging period for the industry, the company
has greatly benefited from the commitment of its highly skilled management team
and employees in North America, who together have been instrumental in creating
a stronger North American business," said Pete Redfern, Taylor Wimpey plc group
CEO.
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.
For more information on Taylor Morrison and its communities, please visit
www.taylormorrison.com.
About Taylor Morrison
Taylor Morrison was named the No. 1 private homebuilder in the United States in
2010 by Builder magazine and builds a wide range of product for discerning home
buyers across the country. With more than 130 communities in Arizona, California,
Colorado, Florida and Texas, Taylor Morrison offers first-time, mid-market and mid-to-upscale
housing in both master-planned communities and urban infill neighborhoods. The company
also operates under the Monarch brand in Ontario, Canada, where it builds single-family
homes and high-rise condominiums. Taylor Morrison, Inc., is a wholly owned subsidiary
of Taylor Wimpey plc (LON: TW), a home building company with 125 years of experience
and operations in the United Kingdom, North America and Spain. For more information,
visit www.taylormorrison.com.
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private investment firm
founded in 1992, with $48 billion of assets under management and offices in San
Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow,
Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive
experience with global public and private investments executed through leveraged
buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings.
TPG seeks to invest in world-class franchises across a range of industries. Real
estate-intensive businesses constitute a core area of investment focus and expertise
for TPG, including ST Residential (a $4.5 billion portfolio of mortgage loans and
REO assets previously owned by Corus bank), Catellus (a retail and mixed use development
company), Caesars Entertainment, Fairmont Raffles Hotels International, Neiman Marcus,
ParkwayLife REIT, PETCO and Surgical Care Affiliates.
About Oaktree Capital Management
Oaktree (GSTrUE: OAKTRZ) is a premier global alternative and non-traditional investment
manager with $82 billion in assets under management as of December 31, 2010. The
firm emphasizes an opportunistic, value-oriented and risk-controlled approach to
investments in distressed debt, high yield bonds, convertible securities, senior
loans, corporate control (including power opportunities), real estate, emerging
market equities and mezzanine finance. Oaktree was founded in 1995 by a group of
principals who have worked together since the mid-1980s. Headquartered in Los Angeles,
the firm has approximately 600 employees and offices in 13 cities worldwide.
About JH Investments
JH Investments is a Vancouver based private company with investments in a wide variety
of businesses including real estate development in Canada and the United States,
an international resort development and consulting business operated through RePlay
Resorts and an alternative energy business operated through Elemental Energy.
