Greek Builder Buying Engle Homes for $465 Million

BOCA RATON, FL-Corporate consolidation in the nation’s homebuilding industry continues. The latest major merger involves the planned sale of Engle Homes to Technical Olympic USA.

The buyer, whose parent in Greece also builds in Britain and Romania, has agreed to pay $215 million for all of Engle’s outstanding shares and assume $250 million of the company’s debt.

Operating in Georgia, North Carolina, Virginia, Colorado, Texas and Arizona in addition to Florida, Engle is one this area’s largest homebuilders of single-family and multifamily product.

The firm is especially active in Broward County where it sold 161 new homes for $38.8 million during this year’s initial six months. For the first nine months of its current fiscal year, Engle generated $25.3 million of profit on revenues of $603.6 million.

Engle also operates mortgage and title insurance companies. In its most recent fiscal year, the firm had sales of $808 million.

Technical Olympic already had a presence in South Florida through its 80% interest in Houston-based Newmark Homes Corp., which has owned Miami’s Westbrooke Communities since 1997. The Greek firm has indicated it might eventually combine the Engle and Newmark operations.