Taylor Morrison is Builder magazine’s Builder of the Year, an award given last night at Builder’s annual Housing Leadership Summit, being held this week in Scottsdale, Ariz. The Builder of the Year is recognized for its excellence in successful business strategy, its achievements, and its corporate leadership.
The past two years have been eventful for the Scottsdale-based Taylor Morrison, which builds in the U.S. as Taylor Morrison and Darling Homes, and in Canada as Monarch Homes. In March 2011 it was carved off from Taylor Wimpey, a British builder that needed cash and wanted to consolidate its operations in the United Kingdom. It completed a $1.2 billion sale to private equity partners.
While other builders were contracting, Taylor Morrison purchased Texas-based Darling Homes in December 2012. Then in April 2013, Taylor Morrison raised $628 million in an initial public offering that was buoyed by record-low mortgage rates and rising sales prices. Becoming a publicly traded company gave Taylor Morrison access to capital for expansion private home builders lack.
In presenting the award, Jean Dimeo, Builder’s editor-in-chief, credited much of Taylor Morrison’s success to its president and CEO, Sheryl Palmer, and her team. When Palmer took the reins in 2007, market conditions were terrible, and she was the third CEO in 12 months. The company, formed by the merger of Taylor Woodrow and Morrison Homes, presented daunting challenges.
“Palmer and her expert team organized two companies into a unified one with staffs working together efficiently and effectively,” said Dimeo. “Plus, they navigated a declining market, sale from a British company, a private equity purchase, and now a public offering.”