The Ryland Group Announces the Acquisition of the Operations of Trend Homes in Phoenix, Arizona
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
The Ryland Group, Inc. (NYSE: RYL) today announces that it has acquired
the Phoenix operations and assets of Trend Homes. The Trend acquisition
provides Ryland with an ongoing successful operation in Phoenix and
approximately 910 additional lots and homes for future sales, as well as
106 homes currently sold and under construction for delivery. Trend
Homes currently operates in seven active communities. All of Trend's
employees are expected to join Ryland in conjunction with the
acquisition and Reed Porter, Trend's President, will be Ryland's Phoenix
Division President.
"We are pleased to announce the acquisition of Trend Homes which is
consistent with our strategy of expanding into new markets that present
opportunities for growth. We are excited about the current and future
land positions we have acquired as a result of the purchase of Trend,"
said Larry Nicholson, Ryland's CEO and President.
The controlling ownership interests in Trend were sold to Ryland by
Najafi Investments. Jahm Najafi, CEO of Najafi Investments, stated that,
"We are proud of the success Trend Homes has enjoyed under our
stewardship and are confident this acquisition will ensure the
continuation of that success."
The purchase of Trend Homes is Ryland's second acquisition in the last
five months following its purchase of the assets of Timberstone Homes in
Charlotte and Raleigh in July of this year.
Headquartered in Southern California, Ryland is one of the nation's
largest homebuilders and a leading mortgage-finance company. Since its
founding in 1967, Ryland has built more than 295,000 homes and financed
more than 245,000 mortgages. The company currently operates in 13 states
across the country and is listed on the New York Stock Exchange under
the symbol "RYL". For more information, please visit www.ryland.com.
For more information, please contact Drew Mackintosh, Vice President of
Investor Relations and Communication at Drew.Mackintosh@ryland.com.
Safe Harbor Statement
Certain statements in this press release may be regarded as
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, and may qualify for the safe
harbor provided for in Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements represent Ryland's
expectations and beliefs concerning future events, and no assurance can
be given that the future results described in this press release will be
achieved. These forward-looking statements can generally be identified
by the use of statements that include words such as "anticipate,"
"believe," "could," "estimate," "expect," "foresee," "goal," "intend,"
"likely," "may," "plan," "project," "should," "target," "will" or other
similar words or phrases. All forward-looking statements contained
herein are based upon information available to the Company on the date
of this press release. Except as may be required under applicable law,
the Company does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
The Ryland Group, Inc.
Drew Mackintosh
VP, Investor Relations
and Corporate Communications
805-367-3722
Drew.mackintosh@ryland.com
Source: The Ryland Group, Inc.
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