Toll Brothers, Inc., announced its expansion into the Charleston, Greenville, and Myrtle Beach, South Carolina markets through the acquisition of Sabal Homes, one of the top private home building companies in South Carolina.
Sabal Homes was founded in 2005 by Matt Jones, Jason Simpson, and Todd Ussery and has built over 1,375 new homes in South Carolina since inception. The Company serves a wide range of homebuyers including first-time, move-up, and move-down buyers at price points from the high $200,000s to over $700,000. At the date of acquisition, the Company had approximately $30 million in backlog consisting of 80 homes with an average price of $380,000. Including the existing backlog, Toll Brothers acquired approximately 1,600 lots owned and controlled throughout Charleston, Greenville, and Myrtle Beach. The acquisition will increase Toll Brothers' selling community count by approximately 11 communities as of the closing date. Douglas C. Yearley, Jr., Toll Brothers' chairman and chief executive officer, stated: "We are thrilled to be joining with Sabal Homes, whose teams will enable us to continue to expand our operations in the Southeast. Charleston, Myrtle Beach, and Greenville are vibrant Top-50 housing markets with favorable demographics and strong population growth. Consistent with our recent acquisition of Sharp Residential in Atlanta, Sabal's diverse product mix, including homes for first-time, move-up and move-down buyers, will support our strategy of broadening the range of product lines and price points we are offering." Matt Jones, co-founder of Sabal Homes, stated: "We are excited to join the Toll Brothers family and look forward to their support in expanding our operations in the South Carolina market. We are confident that the relationships we have built over the past 15 years, combined with Toll Brothers' financial resources, will accelerate our growth here in South Carolina." Zelman Partners LLC acted as exclusive financial advisor to Sabal Homes. Reported by Toll Brothers Press Release (Sept. 11, 2019) For complete information on Toll Brothers, including all corporate, region and division offices and top personnel contacts, refer to The National Builders Directory and Online Database.
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