Manufacturing Industry
Toll adds Silverman to dominate Detroit.(Toll Brothers Inc.'s purchase of Silverman Companies)
Professional Builder (1993), March, 1999 by Lurz, William H.
The beat goes on. Publicly-held home building Giants continue to gobble up midsized, private companies at a startling pace. The latest is Toll Brothers' purchase of Silverman Companies, the top builder in Detroit, Mich. In 1998, Silverman delivered 254 homes for $69 million in revenue.
The company's record year-end backlog of 208 homes was valued at over $52 million. Silverman also delivered 252 luxury rental apartments, valued at $27 million, in three communities. Toll's purchase price was "a little over $60 million, in debt and equity," says chairman Robert Toll. When the deal closes later this month, Toll will add 2400 suburban Detroit single family lots and land for 1600 rental apartments, bringing the firm's land inventory in that market to 5200...
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