Taylor Wimpey, operating as Taylor Morrison in the United States and Monarch in Canada, has agreed to sell its North American holdings to investment funds separately managed by TPG Capital and Oaktree Capital Management, as well as JH Investments for $995 million according to a San Francisco Chronicle article. Taylor Morrison CEO Sheryl Palmer would not disclose the ownership stake of each of the companies, but said collectively they will provide capital and expertise to maintain the company's profitability, which was accomplished in 2010 following the market turmoil of the last several years. The transaction is contingent upon shareholder approval in the UK and customary regulatory approvals, and is expected to close by the end of May 2011.
"We see this as a positive sign for the future of our business," said Morrison. "The commitment and tenacity of our team has helped pave the road for today's announcement." With homebuilding operations in Arizona, California, Colorado, Florida and Texas as well as in Canada, Palmer said the objective for the past year has been for all U.S. divisions to return to profitability, something she said was accomplished in 2010.
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