Strategic acquisition deepens Mattamy's US presence in key market
TORONTO, Nov. 15, 2017 /PRNewswire/ - Mattamy Homes, North America's largest privately owned homebuilder, is pleased to announce that the company has signed an agreement in principle to purchase the Royal Oaks Building Group, the largest privately owned builder in the Raleigh-Durham, North Carolina, area and the fifth-largest builder overall in the market. The deal is expected to close later this month.
"We are very excited about the acquisition of Royal Oaks, as this company is a very successful builder in a highly sought-after market," says Peter Gilgan, Founder & CEO of Mattamy Homes. "We believe that Mattamy and Royal Oaks are complementary in terms of operations and culture, which make this a great fit. The acquisition also supports Mattamy's strategy of extending our geographic footprint in the US to markets that are relatively close to our current operations, which in this case is Charlotte. Our plan is to maintain the staff in place to execute the Royal Oaks business plan under the Mattamy banner."
Royal Oaks was founded by President Rich Van Tassel in 2000. The company has approximately 80 employees, and builds attached and detached single-family homes.
"As with Mattamy, our Royal Oaks team quickly recognized the cultural fit between our organizations," says Mr. Van Tassel. "Additionally, it was important to us that Mattamy wanted to acquire an operation, not simply strong land positions. We are proud of our accomplishments, are excited about our future and look forward to taking the Mattamy Raleigh division and our careers to new levels."
"Being a founder and operator, Rich understands what it means to run a privately held builder," adds Mr. Gilgan. "The composition of his highly experienced and skilled operating team is very similar to that experienced across the balance of our US operations. We're looking forward to welcoming all of them to the Mattamy family."
Following closing of the transaction, the integration process involving systems, policies and procedures will commence with the goal to have the integration complete by mid-2018.
Advisory support in connection with the transaction was provided to Mattamy by RBC Capital Markets, LLC, and to Royal Oaks by Hazeloop Walsh and Associates.
About Mattamy Homes
Mattamy Homes is the largest privately owned homebuilder in North America, with a nearly 40-year history of operations across the United States and Canada. Every year, Mattamy helps 7,000 families realize their dream of home ownership. In the United States, the company is represented in nine markets – Charlotte, Phoenix, Tucson, Jacksonville, Orlando (where its US head office is located), Tampa, Sarasota, Naples and Southeast Florida – and in Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. Visit www.mattamyhomes.com for more information.
SOURCE Mattamy Homes Limited