SEKISUI HOUSE, LTD. To Acquire Woodside Homes
Feb 22, 2017, 07:00 ET
OSAKA, Japan, Feb. 22, 2017 /PRNewswire/ -- SEKISUI HOUSE, LTD. and Woodside Homes today announced that it has entered into a definitive merger agreement under which SEKISUI HOUSE will acquire 100% ownership of Woodside Homes. SEKISUI HOUSE, LTD, Japan's largest homebuilder and leading diversified developer, will complete the transaction through one of its wholly-owned US subsidiaries. Woodside Homes is one of America's top 30 homebuilders having built more than 40,000 homes across the US, with current operations in Arizona, California, Nevada, and Utah.
The acquisition of Woodside Homes is part of SEKISUI HOUSE's long-term growth strategy to diversify its business portfolio and create operating synergies within its other operating platforms.
"There is a natural alignment between our companies -- both sharing the same philosophy of creating environmentally sound communities and fulfilling the housing industry's responsibility to future generations. Woodside Homes is an important growth platform for our North America homebuilding operations," said Isami Wada, Chairman, Representative Director & CEO, SEKISUI HOUSE.
Joel Shine, Chief Executive Officer of Woodside Homes, remarks "We're thrilled with the opportunity to join forces with SEKISUI HOUSE. The acquisition provides the opportunity for us to continue to build homes with lasting value, integrity and quality while providing excellent service and earning the trust and respect of customers who seek the most from their homeownership experience."
Woodside Homes' company name, executive team and daily operations will remain the same. SEKISUI HOUSE will provide shared technologies and economic resources in support of Woodside Homes' growth. Both parties will exchange creative ideas and techniques to create value and address the many and varied needs of the individual homeowner and the broader homebuilding market.
Closing is scheduled to occur at the end of February 2017.
Since its founding in 1960, SEKISUI HOUSE has developed housing-related businesses that have come to lead the housing industry by creating environment, economic, social, and homeowner value. NORTH AMERICA SEKISUI HOUSE, LLC (NASH) was established by SEKISUI HOUSE in 2010 as a wholly-owned US subsidiary and its portfolio includes more than 30 active suburban master-planned communities and 20 urban-infill and transit-oriented developments. The acquisition of Woodside Homes firmly establishes SEKISUI HOUSE as a market leader in the US in homebuilding and the development of master-planned communities, mixed-use, multifamily and condominium properties. Representation for this successful transaction was provided by Hearthstone and Morrison & Foerster for SEKISUI HOUSE and Moelis & Company and Milbank, Tweed, Hadley, & McCloy for Woodside Homes and Richards Kibbe & Orbe LLP for the representative of the selling equity holders of Woodside Homes.
About SEKISUI HOUSE, LTD.
SEKISUI HOUSE, LTD is the largest homebuilder and one of the leading diversified developers in Japan. SEKISUI HOUSE is managing its US operations through its subsidiaries in the US. The US operations include the development of master-planned communities, mixed-use, multifamily apartment, and condominium properties throughout the US. http://www.sekisuihouse.co.jp/english/index.html
About Woodside Homes:
Based in Salt Lake City, Utah, Woodside Homes is a privately held company and one of America's top 30 homebuilders. The company has built more than 40,000 homes across the US, with current operations in Arizona, California, Nevada, and Utah -- earning the trust and confidence of families who seek the very most from their homeownership experience. www.woodsidehomes.com
Stephanie Orton Lynch
Executive Vice President | Delucchi Plus
703.405.0728 | [email protected]
SOURCE SEKISUI HOUSE, LTD.