The Toronto-based development company Mattamy Homes will sell its assets in Minnesota to CalAtlantic Homes and M/I Homes Inc. The company does work in Carver, Chaska, Minnetrista, Shorewood, Victoria and Waconia. The deal is expected to close in April.
“Minnesota was Mattamy’s first expansion outside the Greater Toronto Area and over time has produced solid results for the company,” Mattamy Homes Founder and CEO Peter Gilgan said in a press release. “However, Minnesota is not a long-term strategic fit for Mattamy’s business in the U.S., as it doesn’t align well in terms of our geographic focus. CalAtlantic Homes and M/I Homes both have a much larger presence in the Midwest, and should benefit from the economies of scale afforded by this concentration.”
Mattamy Homes will continue to develop unfinished lots and will continue to build and provide service to current customers and will maintain properties in other U.S. cities, such as Orlando, Florida; Phoenix, Arizona; Tampa, Florida; and Charlotte, North Carolina.