With 3,255 closings last year, Mattamy Homes is the largest builder in Ontario, but this Canadian builder has been virtually unknown in the United States.
No longer. The Toronto-based private builder just made its second American acquisition this year, purchasing Atlantic Builders of Jacksonville, Fla., from owners ALH II. JMP Securities in San Francisco represented Atlantic Builders in the transaction.
Earlier this year, Mattamy entered the Minneapolis-St. Paul market after buying Homes by Chase, a small production builder in Burnsville, Minn. Michael P. Kahn & Associates advised Mattamy in both deals, which should give the Canadian builder a solid footing in the lower 48 states, with a combined volume of perhaps 650 U.S. deliveries and a top 10 market position in Jacksonville.
"When your business is expanding, you look at new markets," says Don Walker, CFO and now president of Mattamy Homes USA, who says the United States had more markets of size than Canada. But Mattamy's market portfolio may be set at the moment. "We're not looking for anywhere else right now," Walker says.
Mattamy, which has an average sales price of $270,000 (Canadian), builds everything from entry-level to third-time, move-up homes. Founded in 1978, it is known for its "WideLot" concept, which features larger backyards and front porches.
Learn more about markets featured in this article: Orlando, FL.