Deal to Purchase Home-building Giant Dead

PHOENIX-A veteran homebuilder, who is part of a group making a play for retirement builder Del Webb Corp., has backed off a deal to purchase Hancock Homes, the seventh largest homebuilder in metropolitan Phoenix.

The numbers didn’t work out to purchase Hancock Homes, says Garth Wieger. Negotiations had been ongoing for the past several months between Wieger and Greg Hancock, CEO of Hancock Homes, but an agreement couldn’t be reached. There’s no word yet on whether another buyer is lined up to purchase Hancock Homes.

Although this deal didn’t happen, Wieger is a partner in Pacific Partners, which is trying to get control of Sun City developer Del Webb. The group has bought more than 5% of the Sun City developer and is asking for board seats and more control over strategic planning.

Wieger headed up Shea Homes in the mid-1990s, before moving over to Phoenix-based DMB to lead its turnaround of UDC Homes. When Shea bought UDC in 1998, Wieger left to run Blandford Homes, which he left earlier this year to launch his own venture.