|
Getting your Trinity Audio player ready...
|
San Ramon-based Trumark Homes is seeking to expand its reach into further stretches of the state, following the recent purchase of a central California company that sets Trumark up for operations in a number of new markets ranging from Fresno to San Luis Obispo.
Trumark officials announced the acquisition of Wathen Castanos Homes on Oct. 12, calling it “the latest example of the company’s strategic growth initiatives to serve homebuyers from the Rockies to the Pacific Ocean.” Terms of the transaction were not released.
“With today’s announcement, our homebuilding portfolio is now contiguous from Northern California to Southern California,” Trumark co-founder and co-CEO Michael Maples said in a statement. “This is another important step forward in our vision of becoming the dominant regional homebuilder in the West, as this acquisition will allow us to exceed $1 billion in revenue in 2024.”
Trumark Homes, founded in 1988, has undergone a series of expansions and changes in recent years, including a majority-share acquisition agreement with Japan-based Daiwa House Industry in 2020 and the launch of a new Colorado division in 2021, marking the company’s first steps toward operating outside of California.
“The acquisition of Wathen Castanos Homes is the next step toward that vision as the company eyes additional growth opportunities in the western United States to take advantage of the vast resources of Trumark’s parent company Daiwa House,” Trumark officials said in the announcement.
In addition to being in line with Trumark’s overall business strategies, officials pointed to a number of commonalities between the company and Wathen Castanos Homes, including similar company culture, mission, and products.
“We are very excited and honored to join the Trumark Homes family,” Wathen Castanos President Josh Peterson. “Over the decades that we have been in the homebuilding industry, we have always been guided by a foundation of quality and values, a tradition of craftsmanship, and dedication to high quality customer care. Trumark Homes shares these same guiding principles as well as the resources to accelerate our growth, which makes them the perfect match for us.”
Wathen Castanos currently builds homes in Fresno, Clovis, Madera, Monterey Bay and San Luis Obispo.
“Our acquisition of Wathen Castanos Homes is a unique opportunity to fulfill several of our strategic goals,” said Gregg Nelson, Trumark co-founder and co-CEO. “First and foremost, our companies share a similar culture as well as a commitment to building quality homes and providing an unparalleled homebuyer experience.”
