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Toll Brothers expands Calif. presence via Shapell deal

BY HBSDEALER Staff

Toll Brothers is expanding its footprint in California through the purchase of Shapell Industries’ home building business.

"This acquisition will provide significant growth over the coming years and, we believe, will be accretive to earnings in the first year, excluding transaction costs," said Douglas Yearley, Toll Brothers chief executive.

The deal, valued at $1.60 billion, will allow the homebuilder to secure 5,200 lots — most of which are entitled — in affluent California markets. Toll Brothers will use its existing $1.04 billion credit facility, plus debt and equity financing, to complete the purchase. The company also plans to sell various lots (to a tune of about $500 million) by the first quarter of 2014.

Toll Brothers has been building in California since 1994 and has completed over 7,700 homes in the state, worth about $6.5 billion in revenue.

The company said in a statement that it expects to realize a return on investment within 18 months of closing, as well as an estimated 65% increase in fourth-quarter revenue thanks in part to home price increases.

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Short & Paulk promotes Chuck Mailloux

BY HBSDEALER Staff

Tifton, Ga.-based pro dealer Short & Paulk Supply recently announced that Tifton branch manager Chuck Mailloux has been promoted to chief operations officer.

As COO, Mailloux’s primary goal is to support company management in Albany, Dawson, Sylvester and Tifton. Mailloux will work alongside staff to identify best practices that can be implemented throughout company locations, including improving coordination of tasks and communication efforts.   

A member of the Short & Paulk family since 2006, Mailloux has overseen operations of the Tifton store, including implementing a formal training program, adding product lines and managing the opening of the Dawson location earlier in 2013. 

When asked why the COO position was created, president Jay Short replied: 

“Chuck managed our flagship location incredibly well by reinforcing the need for team building and training. I felt he would be the ideal person to take our employees’ skills to the next level and implement these changes companywide. He’s loyal, dedicated and hardworking, and takes ownership of everything that he does. When I think of growing future leaders for Short & Paulk, I couldn’t think of a more qualified individual." 

Mailloux has worked in the building material industry since 1999 and currently represents building material dealers on the Georgia State Codes Advisory Committee. He is also a lieutenant, training officer and volunteer firefighter for the City of Tifton and adult leader to Boy Scout Troop 321.

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Lifetime Brands brings former WMT exec to board

BY HBSDEALER Staff

Garden City, N.Y.-based Lifetime Brands, global provider of kitchenware, tableware and other products used in the home, announced that its board of directors has elected Dennis E. Reaves as a director of the company.

Reaves has 45 years of retail experience with more than 35 years in senior management positions in all facets of retail. He formerly was senior VP and general merchandise manager of Wal-Mart Stores, where he had responsibility for $18 billion in sales volume. Reaves also has served as a senior consultant to leading retailers, such as Big Lots and Gap and to multinational consumer products companies, including Jarden Corp.

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