Definitive Agreement Reached on the Acquisition of the Homebuilding Operations of Dallas-Based New Synergy Homes and Ownership and Control of More Than 3,400 Homesites

ORLANDO, Fla., Oct. 29, 2020 /CNW/ - Mattamy Homes, the largest privately owned homebuilder in North America, today announced it has reached a definitive agreement to acquire the homebuilding operations of New Synergy Homes in Dallas, Texas, the second largest housing market in the United States.  The acquisition of New Synergy, a homebuilding operation of Dallas-based developer and homebuilder Centurion American Development Group, is anticipated to close on November 2, 2020. As a result of the transaction, Mattamy will own and control more than 3,400 homesites in 26 future communities.  In connection with the acquisition, Mattamy will offer employment opportunities to all employees of New Synergy. Mattamy will not acquire the land development operations of Centurion American Development Group, which will continue to be led by its longtime President and Chief Executive Officer, Mehrdad Moayedi.

"Dallas's booming economy and strong job market presents a tremendous growth opportunity for Mattamy Homes," said Peter Gilgan, Chairman and Chief Executive Officer of Mattamy Asset Management, the parent company of Mattamy Homes. "We have been looking for the right opportunity to enter the Dallas market for several years and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this constrained land market."

"I am excited to have a homebuilder with Mattamy's outstanding reputation for quality craftsmanship, thoughtfully designed communities and beautifully designed homes make such a significant commitment to our market. We know their well-crafted homes will be an outstanding addition to our communities. We look forward to working with Mattamy and our other builder partners as we serve the needs of families throughout the Dallas-Fort Worth market," said Merhdad Moayedi, Centurion American's President and Chief Executive Officer.

Larry Craven, a veteran leader of numerous Dallas homebuilding organizations over the past 25 years, will become the Division President for the new Dallas Division of Mattamy, reporting to Keith Bass, Chief Executive Officer of Mattamy Homes US.

About Mattamy Homes

Mattamy Homes is the largest privately owned homebuilder in North America, with 40-plus years of history across the United States and Canada. Every year, Mattamy helps more than 8,000 families realize their dream of home ownership. In the United States, the company is represented in 10 markets – Charlotte, Raleigh, Phoenix, Tucson, Jacksonville, Orlando (where its US head office is located), Tampa, Sarasota, Naples and Southeast Florida – and in Canada, its communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. Visit www.mattamyhomes.com for more information.

About Centurion American Development Group

Since 1990, Centurion American has developed well over 30,000 single-family lots in dozens of premier communities surrounding North Texas. The company is recognized in the real estate industry for demonstrating the ability to effectively work with investors, landowners, financial institutions, and vendors to acquire over 25,000 acres of land inventory, resulting in a diverse mix of developments varying in size and scope.  Delivering award-winning communities with impeccable amenities such as parks, golf courses, water park themes, and hiking and biking trails, Centurion has set the standard in purchasing and developing land in prime locations. Their developments have the right combination of natural land settings, strong job growth, good school systems, and access to local community shopping. Over the past 30 years, it is this proven track record of achievements that has consistently created excellent value and ROI for Centurion American partners, investors, builders, and homeowners.

This news release contains forward-looking statements.  These statements include but are not limited to statements regarding community count; number of homesites; craftsmanship and community and home design.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, and the cost and availability of mortgage financing.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

SOURCE Mattamy Homes Limited