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1/23/20
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Trumark Companies has entered into an agreement with Daiwa House USA Inc, a wholly owned subsidiary of Japan-based Daiwa House Industry Co Ltd, where Daiwa House USA will acquire 60% of the equity interest in Trumark and will commit to make additional capital contributions as funding to further develop Trumark’s business. Under the new agreement Trumark’s co-founding principals, Michael Maples and Gregg Nelson, retain their current roles as part owners and will lead the company as co-CEOs.
“Our new status with Daiwa House is a massive boost to Trumark’s business and positions us for exponential growth,” said Maples. “Together we’ve created a powerful engine for expansion by combining the operating expertise of the Trumark Companies' teams with financial resources equal to the largest homebuilders in the nation.”
As a developer and homebuilder historically focused on California, Trumark has developed more than 8,000 residential lots in the state since its founding in 1988. Trumark and Daiwa House are aligned in the pursuit of growth through Trumark's home-building, master-planned communities, age-qualified, urban, commercial and mixed-use divisions. The new structure with Daiwa House enables Trumark to pursue growth initiatives beyond California in other Western submarkets and expand its internal team and leadership within the homebuilding industry.
The terms of the ownership transaction are undisclosed. Daiwa House Industry Co Ltd is Japan’s largest homebuilder and one of the world’s largest public companies. Daiwa House USA is pursuing a strategic initiative to expand the company’s business in North America, which began through a joint venture agreement with Lincoln Property Group in 2014 and the acquisition of Stanley Martin, an east coast homebuilding company, in 2017.
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