Japan-based Daiwa House USA, a wholly owned subsidiary of Japan-based Daiwa House Industry Co. Ltd., has agreed to acquire 60% of the equity interest in California developer and homebuilder Trumark Companies. Daiwa also committed to making additional capital contributions to fund expansion of Trumark’s business. Terms were not disclosed. Trumark co-founding principals Michael Maples and Gregg Nelson retain their current roles as part owners and will lead the company as co-CEOs.
“Our new status with Daiwa House is a massive boost to Trumark’s business and positions us for exponential growth,” Maples said. “Together we’ve created a powerful engine for expansion by combining the operating expertise of the Trumark Companies’ teams with financial resources equal to the largest homebuilders in the nation.”
Trumark has developed more than 8,000 residential lots in California since its founding in 1988. Trumark and Daiwa House are aligned in the pursuit of growth through Trumark’s home-building, master-planned communities, age-qualified, urban, commercial and mixed-use divisions. The new structure with Daiwa House enables Trumark to pursue growth initiatives beyond California in other Western submarkets and toto expand its internal team and leadership within the homebuilding industry.
Daiwa House Industry Co. Ltd. is Japan’s largest homebuilder and one of the world’s largest public companies. Daiwa House USA is pursuing a strategic initiative to expand the company’s business in North America, which began through a joint venture agreement with Lincoln Property Group in 2014 and the acquisition of Stanley Martin, an East Coast homebuilding company, in 2017.
