Toll Brothers To Buy Shapell Homes
$1.6 billion deal will significantly expand Toll's California footprint.
Purchase includes 5,200 entitled home sites representing Coastal California's premier diversified upscale land portfolio.
Toll Brothers, Inc., and Shapell Industries, Inc. a premier private California builder, today announced that they have entered into a definitive purchase agreement under which Toll
Brothers will acquire the home building business of Shapell in a stock acquisition for approximately $1.60 billion in cash.
Since its founding in 1955 by brothers Nathan and David Shapell, and brother-in-law Max Webb, Shapell has delivered more than 70,000 homes. Shapell's land portfolio, which Toll Brothers is acquiring, consists of approximately 5,200 home sites, 97.5% of which
are entitled, in established communities.
This land was assembled over many decades in many of the state's most affluent and high-growth markets: the San Francisco Bay area, metro Los Angeles, Orange County
and the Carlsbad market.
Through August 31st of calendar year 2013, Shapell has delivered 347 homes at an average price of $791,000.
Having entered the California market in 1994, Toll Brothers has delivered over 7,700 homes, generating approximately $6.5 billion in revenue from more than 90 communities in the state. Toll Brothers is currently offering homes in 9 communities in affluent Coastal
California markets at an average price of approximately $1,000,000. The approximately 5,200 lots Toll Brothers expects to acquire from Shapell would bring Toll Brothers' total lots owned and controlled in California to approximately 9,200.
Toll Brothers, Inc., A FORTUNE 1000 Company is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida,
Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington.
For more information, visit www.tollbrothers.com.
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