Taylor Morrison, Monarch Finalize Sale, Start New Chapter

Company moves forward with new partners TPG Capital, Oaktree Capital Management and JH Investments

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Taylor Morrison, a top North American homebuilder, today announced the close of its sale to TMM Holdings Limited Partnership, which is owned indirectly by investment funds separately managed by TPG Capital and Oaktree Capital Management, L.P., as well as JH Investments, for $955 million. The sale includes two well-respected homebuilders, Taylor Morrison in the United States and Monarch in Canada. The transaction was first announced on March 31, 2011.

“Now it’s about being the best company we can be”

The sale underscores the company’s North American position as a leading homebuilder and offers new opportunities for expansion at a time when many builders are maintaining their positions, said Taylor Morrison CEO and President Sheryl Palmer.

“Now it’s about being the best company we can be,” Palmer said. “We’ve shown that we can be a profitable, viable company during a difficult time. This sale is a vote of confidence for the team and the way we do business, and we’re looking forward to capitalizing on it.”

Taylor Morrison currently builds single-family residences and townhomes in Arizona, California, Colorado, Florida and Texas, while Monarch builds both high- and low-rise product in Toronto and Ottawa. A third division, Taylor Morrison Communities, focuses solely on land acquisition and development.

Palmer said, “The teams at Taylor Morrison and Monarch are focused on continuing the success the company has seen in recent years, pointing to the fact that all U.S. divisions returned to profitability in 2010 as a sign the homebuilder is on the right track.”

“We couldn’t have done this without the hard work of our employees,” Palmer said. “Now we’re positioned for the right growth opportunities, whether that’s in our existing markets or in new markets. And we’re ready for the challenge.”

About Taylor Morrison

Taylor Morrison was named the No. 1 private homebuilder in the United States in 2010 and 2011 by Builder magazine, and builds a wide range of products for discerning home buyers across the country. With more than 130 communities in Arizona, California, Colorado, Florida and Texas, Taylor Morrison offers first-time, mid-market and mid-to-upscale housing in both master-planned communities and urban infill neighborhoods. The company also operates one of Canada’s largest homebuilding companies, Monarch, in Ontario, Canada, where it builds single-family homes and high-rise condominiums in Toronto and Ottawa. For more information, visit www.taylormorrison.com.

About TPG Capital

TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG seeks to invest in world-class franchises across a range of industries. The firm’s investments in real estate include Catellus, Fairmont Raffles Hotels International and ST Residential.

About Oaktree Capital Management

Oaktree is a leading global investment management firm focused on alternative markets, with over $80 billion in assets under management as of March 31, 2011. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield bonds and senior loans), control investing, convertible securities, real estate and listed equities. Oaktree was founded in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm has over 600 employees and offices in 13 cities worldwide.

About JH Investments

JH Investments is a Vancouver-based private company with investments in a wide variety of businesses, including real estate development in Canada and the United States, an international resort development and consulting business operated through RePlay Resorts, and an alternative energy business operated through Elemental Energy.