Toll Brothers Inc., a premier builder of luxury homes, has purchased CamWest Development, one of the largest privately held home building companies in the Pacific Northwest. The undisclosed purchased price was paid in cash. Zelman Partners LLC acted as exclusive financial advisor to CamWest.
According to a Wall Street Journal report, Toll ended its fiscal year with more than $1 billion, allowing it to focus on growth at a time when some competitors are pinching pennies as they struggle to survive. It has purchased partially finished golf courses out of foreclosure for development and made money snapping up distressed debt via its Gibraltar Capital & Asset Management subsidiary.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "We are excited to enter the Seattle market with the acquisition of CamWest. It is one of the premier luxury homebuilders in the region with a long history of delivering exceptional quality and value to its homeowners. Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence. Eric Campbell and the CamWest team provide a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors."
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