Tuesday May 3, 2016
Gehan Homes Ltd. (Gehan Homes), a Dallas-based homebuilder, announced today that an agreement has been made to sell all remaining shares to majority partner Sumitomo Forestry America, Inc. This transaction is expected to close April 29, 2016.
Gehan Homes also formally announced the successor to Timothy Gehan (President/CEO) as John Winniford. Mr. Winniford has over 20 years’ experience in the homebuilding industry and has been serving as the Division President for Gehan’s Dallas Division, building new homes in Dallas for the last 10 years.
According to Mr. Winniford, this sale marks the beginning of the next evolution of the Company. “With the sale of the Company to Sumitomo Forestry America, Inc., Gehan Homes will have added financial strength that will allow the Company to be more aggressive in the area of land acquisitions. The Company will be better positioned for organic growth in its current markets as well as evaluate the potential for expansion into new submarkets.”
Atsushi Iwasaki, President of Sumitomo Forestry America, Inc. stated that “Sumitomo, as it sought to expand its homebuilding operations in the U.S., was drawn to Gehan Homes due to the solid foundation that had been laid to support its growth, its senior management team, and the Company’s culture and commitment to its employees. This Company has already accomplished some amazing things and we look forward to carrying on the Gehan Homes’ legacy for years to come.”
A Top 40 Homebuilder in the U.S., Gehan Homes has a 25-year history of success in the production homebuilding industry. Gehan Homes is headquartered in Dallas and builds new homes in Houston, Austin, San Antonio, and Phoenix, Arizona.
Sumitomo Forestry Co., Ltd., of which Sumitomo Forestry America, Inc. is a wholly owned subsidiary, has been in business for over 300 years. They have many subsidiaries in timber, wood products, and homebuilding.
Both Mr. Iwasaki and Mr. Winniford have stated that Gehan Homes, Ltd. will remain privately owned and will continue to operate “business-as-usual”.