OAKVILLE, ON, Jan. 28, 2015 /PRNewswire/ - Mattamy Group Corporation ("Mattamy") is pleased to announce the formal closing of its agreement to purchase Monarch Corporation ("Monarch"), the Canadian division of US homebuilder Taylor Morrison Home Corporation (NYSE: TMHC). The net cash purchase price of CAD$335 million was determined based on the December 31, 2014 Monarch balance sheet and is subject to customary post-closing adjustments. The deal closed following the satisfaction of closing conditions, including clearance by the Canadian Competition Bureau.
"We're pleased to be able to formally welcome the talented and experienced Monarch team aboard, and look forward to working with them to leverage the strengths of our combined enterprise," says Peter Gilgan, Founder & CEO of Mattamy. "Monarch's substantial low-rise business in the Greater Toronto Area and in Ottawa will nicely supplement Mattamy's existing operations in those markets. We're also excited that this acquisition will enable us to quickly enter the high-rise sector in Toronto, as this is an important product line that we're not currently in, and for which we have ambitious plans."
Mattamy will evaluate how the Monarch organization will be integrated with a target date completion of this exercise of May 31, 2015. This date is coincident with Mattamy's fiscal year-end.
About Mattamy Homes
Mattamy Homes is the largest privately owned homebuilder in North America, with operations across United States and Canada. Mattamy has sold 70,000 homes in 160 communities. In the United States, the company is represented in eight metropolitan areas – Minneapolis-St. Paul, Charlotte, Phoenix, Tucson, Jacksonville, Orlando, Tampa and Sarasota – 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