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A major transaction in the real estate world has been announced, as developer Mattamy Homes has reached an agreement to purchase Monarch Corporation, the Canadian division of US-based Taylor Morrison Home Corporation, and the developer responsible for Toronto projects like Couture, Picasso and Waterscapes. The purchase price is estimated at CAD$330 million, with the deal expected to officially close in the Q1 of 2015. Mattamy has hired law firm Torys LLP, founded by the grandfather of current Toronto mayor John Tory, to act as legal advisors in connection with the transaction.
"Monarch is a leading builder in Ontario, with an exceptional reputation and portfolio of assets," said Peter Gilgan, Founder & CEO of Mattamy. "The addition of the business to Mattamy Homes aligns well with our growth strategy, and we look forward to working with the talented Monarch team as we enhance our already significant footprint in Ontario and enter into the high-rise market."
"This is an exciting time for Mattamy as well as Brad Carr, our Canadian President, and me" said Brian Johnston, Chief Operating Officer of Mattamy Homes. "We both spent our formative years at Monarch and expect the deal to provide valuable synergies to Mattamy. I would highlight that this acquisition, in one stroke, puts us in the high-rise business in a significant way. High-rise represents more than 50% of new home sales in the Greater Toronto Area and so is a major positive to this transaction."
Once the deal has been formally closed early next year, both companies will spend the following months determining the details of the integration, with plans to announce the way forward in time for the beginning of Mattamy's 2016 fiscal year.
We will be sure to return with updates as more information becomes available.
