HORSHAM, PA - Homebuilder Toll Brothers, Inc., (NYSE:TOL), entered the Seattle market, acquiring the assets and operations of CamWest Development LLC, one of the largest privately held home building companies in the Pacific Northwest. The purchase price, while not disclosed, was paid in cash.

Toll Brothers Acquires Seattle Homebuilder

Toll Brothers Profile

Builds more than 150 different homes.
Manufactures wall panels, floor and roof trusses and signature millwork and distributes loose lumber, windows and doors.
Operates three manufacturing plants: one in suburban Philadelphia, one in southern Virginia, and one in northern Indiana
Oversees third party sub-contractors at locations beyond cost-efficient shipping reach of Toll manufacturing plants.

High-tech panel equipment drives production of up to 10 houses per production shift
Reduces dependence on skilled carpenters in times of industry labor shortages
Improves quality by assembling house components in quality-controlled factory setting
Reduces material waste in production process.

CamWest, headed by founder Eric Campbell, expects to deliver 180 homes this year, producing revenues of approximately $90 million. The company was established in 1989 by Eric Campbell and has delivered more than 2,800 homes in the Seattle market.

Toll Brothers, the sixth largest U.S. homebuilder, has $1.5 billion in revenue and will build 2,600 homes this year.

"Seattle is a high barrier-to-entry home building market with a robust employment base and a concentration of affluence," said Douglas Yearley, Jr., Toll Brothers' CEO in making the announcement. "Eric Campbell and the CamWest team provide a great management platform with a strong land position and well-established relationships with local land sellers and subcontractors."

Toll Brothers operates in 20 states and has its own lumber distribution, house component assembly, and manufacturing operations. Toll Brothers purchases large distressed real estate portfolios through its wholly owned subsidiary, Gibraltar Capital and Asset Management.

Toll Brothers says its homes offer such features as custom millwork and trim; hardwood flooring; kitchens with 42" wall cabinets; walk-in closets; various types of flooring, various granites and marbles, and a full range of cabinet selections.

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