Toll Brothers Announces Entry Into Boise, Idaho Market With Acquisition Of Coleman Homes

HORSHAM, Pa., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, today announced its entry into the Boise, Idaho market through the acquisition of substantially all of the assets and operations of Coleman Real Estate Holdings LLC ("Coleman Homes"), one of the largest home building companies in the Boise market. The purchase price, which was not disclosed, was paid in cash.

Coleman Homes operates in the Boise metropolitan area, primarily in Ada and Canyon Counties, and builds single-family homes ranging from first-time to luxury homes priced from $175,000 to $500,000.  At the date of acquisition, the Company's $40.8 million backlog consisted of 135 homes with an average price of $302,000.

The Coleman family has been in the home building business since 1972 and has a relationship with Toll Brothers dating back nearly two decades. In 1997, Toll Brothers purchased the Coleman family's Las Vegas home building operation to enter that market. The Colemans, father Tom and son Thomas, began doing business in the Boise market in 2004, initially as land developers, and formed Coleman Homes there in 2007. Since then, Coleman Homes has delivered over 1,000 homes in the market. It has received various national awards from the home building industry for its website, sales offices and design studio.

Including the existing backlog, the assets acquired by Toll Brothers include approximately 1,400 lots owned and 350 lots controlled in Ada and Canyon Counties. The acquisition will increase Toll Brothers' selling community count by approximately 13 communities as of the closing date.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "We are excited to enter the Boise market with the acquisition of Coleman Homes.  Coleman is one of the premier homebuilders in the market with a reputation for delivering exceptional quality and value to its homeowners. The Toll Brothers-Coleman relationship dates back nearly two decades. We are confident that the Colemans' strong management platform, great land positions, and well-established relationships with Boise land sellers and subcontractors will be a winning formula.

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