Toll Brothers Announces Acquisition of Keller Homes to Drive Expansion into Colorado Springs Market

FORT WASHINGTON, Pa., Sept. 17, 2020 (GLOBE NEWSWIRE) -- Toll Brothers, Inc., (NYSE:TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, today announced its expansion into the Colorado Springs market through the acquisition of Keller Homes, one of the top private home building companies in Colorado Springs. Rated in 2020 by USA Today as the “#1 Hottest US Housing Market” and in 2019 by US News & World Report as #3 “Best Place to Live”, Colorado Springs is a dynamic housing market which will complement Toll Brothers’ current operations in metro Denver and Fort Collins.

David Keller, a 1974 West Point graduate, founded Keller Homes in 1983. His wife Pam has overseen Sales and Marketing functions. Since inception, Keller Homes has built nearly 4,000 homes in the Colorado Springs market. The Company serves a wide range of homebuyers including first-time, move-up, and move-down buyers at price points from the mid-$400,000s to over $700,000. At the date of acquisition, the Company had approximately $44 million in backlog consisting of 84 homes with an average price of $520,000.

Keller Homes is a capital-efficient operator that brings a solid supply of controlled lots and a diversified presence across Toll’s luxury, affordable luxury and active living offerings. In addition to Keller’s existing backlog of 84 homes, Toll Brothers has acquired rights to purchase over 300 lots Keller controls throughout Colorado Springs. Currently, the company has 4 actively selling communities.

Douglas C. Yearley, Jr., Toll Brothers’ chairman and chief executive officer, stated: “We are thrilled to be joining with Keller Homes. Their team will enable us to continue to expand our operations in Colorado, which is one of our strongest markets. Keller Homes has a great reputation based on nearly four decades in the market. We welcome them to the Toll Brothers family.”

Dave Keller, founder of Keller Homes, stated: “We are excited to join with Toll Brothers, whose financial resources and luxury brand will enhance the platform we have built over the past thirty-seven years. Together, we look forward to expanding our operations across a variety of price points in the Colorado Springs market.”

Robichaud Financial Services acted as exclusive financial advisor to Keller Homes.

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, affordable luxury and second-home buyers, as well as urban and suburban renters. It operates in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.