TORONTO, Feb. 21, 2017 /CNW/ - Mattamy Homes, North America's largest privately owned homebuilder, announced today that it has reached an agreement to sell the bulk of the company's land assets in Minnesota to CalAtlantic Homes and M/I Homes, Inc. Subject to a 45-day due-diligence period, the initial purchases under the contract are expected to close in April 2017, followed by additional takedowns of lots over the next three years, in accordance with the terms of the option agreements, with total expected purchases comprising all land currently held by Mattamy in Minnesota (with the exception of the Lino Lakes development).
"Minnesota was Mattamy's first expansion outside the Greater Toronto Area, and over time has produced solid results for the company," says Peter Gilgan, Founder & CEO of Mattamy Homes. "However, Minnesota is not a long-term strategic fit for Mattamy's business in the US, as it doesn't align well in terms of our geographic focus. CalAtlantic Homes and M/I Homes both have a much larger presence in the Midwest, and should benefit from the economies of scale afforded by this concentration."
Mattamy will reinvest proceeds from the transaction in land purchases in existing or new markets, in line with the company's business goal of doubling the size of its US business over the next five years.
Mattamy will continue to develop unfinished lots as part of the agreement, and will continue to build and service the homes of its current customers, who will receive industry-leading commitment to quality and customer experience.
About Mattamy Homes
Mattamy Homes is the largest privately owned homebuilder in North America, with operations across the United States and Canada. Mattamy has sold more than 75,000 homes in 160 communities. In Canada, those communities stretch across the Greater Toronto Area, as well as in Waterloo-Wellington, Ottawa, Calgary and Edmonton, In the United States, the company is represented in eight metropolitan areas – Charlotte, Phoenix, Tucson, Jacksonville, Tampa, Sarasota, Naples and Orlando (where its US Head Office is located). Visit www.mattamyhomes.com for more information.
SOURCE Mattamy Homes Limited