Leading California Homebuilder Wathen Castanos Homes Acquired by Trumark Homes
19 Outubro 2023 - 8:39PM
Business Wire
Wathen Castanos Homes, a leading award-winning California
homebuilder, announced the acquisition of its homebuilding business
by Trumark Homes, a subsidiary of Daiwa House USA Inc.
Originally founded in 1983 and currently led by President, CEO,
and partial owner Josh Peterson since 2014, Wathen Castanos Homes
is a leading private homebuilder in California's Central Valley and
Central Coast with a long-established legacy of homebuilding
success. Currently building in San Luis Obispo, Monterey Bay,
Clovis, Fresno, and Madera, Wathen Castanos Homes is known for its
award-winning design and energy efficiency.
"We are very excited and honored to join the Trumark Homes
family," said Peterson. "This transaction represents the
culmination of an extensive process run by Tony McGill and his team
at Zelman & Associates to analyze our strategic alternatives
and find the best long-term partner for all of our stakeholders,
especially our employees, land partners, and subcontractor
partners. Over the decades that we have been in the homebuilding
industry, we have always been guided by a foundation of quality and
values, a tradition of craftsmanship, and dedication to
high-quality customer care. Trumark Homes shares these same guiding
principles as well as the resources to accelerate our growth, which
makes them the perfect match for us."
Trumark Homes launched a new homebuilding division in Colorado
in 2021, capitalizing on the robust housing market there. That move
marked the company's first foray outside of California, signaling
its ambition to become a dominant player in the western U.S.
homebuilding landscape. The acquisition of Wathen Castanos Homes is
the next step toward that vision as the company eyes additional
growth opportunities in the Western United States to take advantage
of the vast resources of Trumark's parent company, Daiwa House.
"Our acquisition of Wathen Castanos Homes is a unique
opportunity to fulfill several of our strategic goals," said Gregg
Nelson, co-founder and Co-Chief Executive Officer of Trumark
Companies. "First and foremost, our companies share a similar
culture as well as a commitment to building quality homes and
providing an unparalleled homebuyer experience."
Added Michael Maples, co-founder and Co-Chief Executive Officer
of Trumark Companies, "With today's announcement, our homebuilding
portfolio is now contiguous from Northern California to Southern
California. This is another important step forward in our vision of
becoming the dominant regional homebuilder in the West, as this
acquisition will allow us to exceed $1B in revenue in 2024."
Nelson, Maples, and Peterson emphasized the quality of employees
and dedication both Trumark and Wathen Castanos have to their
highly skilled teams as integral to the value of joining the two
companies.
Zelman & Associates, a subsidiary of Walker & Dunlop,
served as the exclusive sell-side investment banker to Wathen
Castanos Homes.
Founded in 2007 by Ivy Zelman and Dennis McGill, Zelman &
Associates is the leading institutional research advisory and
investment banking firm dedicated exclusively to the U.S. housing
industry. Zelman provides distinguished institutional research and
investment banking capabilities with the highest levels of client
service, trust, sophistication, and credibility unique to the
housing, institutional research and investment banking industries.
This transaction continues Zelman's position as the #1-ranked
M&A advisor for residential builders and developers since
2015.
All securities offered through Zelman Partners LLC, a registered
broker dealer and member of FINRA and SIPC.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
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