Benzinga | Aug 11, 2021 04:55PM EDT

Toll Brothers Reports Purchase of StoryBook Homes, No Terms Disclosed

Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced it has acquired StoryBook Homes, a privately-held homebuilder based in Las Vegas, Nevada. Terms were not disclosed.

The acquisition bolsters Toll Brothers' strong market position in the dynamic Las Vegas housing market. Founded in 2003 by Wayne Laska and his wife Catherine Laska, StoryBook Homes has built over 1,700 homes in Las Vegas since its inception. The company primarily serves first-time and move-up homebuyers with price points ranging from the mid-$200,000s to over $600,000. StoryBook Homes currently has five active selling communities and owns or controls over 550 lots in the market.

The company's founders and all of their employees will remain with the company and continue to operate new home communities under the StoryBook Homes brand. Janet Love, current President of StoryBook Homes, will assume the role of Division President of StoryBook Homes as a division of Toll Brothers.

"This acquisition presents an exciting opportunity to quickly add to our already fast-growing Las Vegas operations, while further diversifying our new home offerings and price points in the market," said Gary Mayo, Group President of Toll Brothers in Nevada. "StoryBook Homes is a quality homebuilder with a great reputation, a talented team, excellent gross margins, and a strong land position. We look forward to adding value to their operations and also leveraging their team's local experience."

"We are thrilled to become a part of the incredible Toll Brothers team in Las Vegas," said Wayne Laska. "Toll Brothers is a company and a brand that is second to none in the homebuilding industry, with the scale, expertise, and financial strength to take our operations to the next level. Moreover, as a company that was also founded as a family-owned business, I know the culture at Toll Brothers will be a great fit for the people and customers of StoryBook Homes."

Toll Brothers currently builds 16 luxury home communities in the most desirable locations of Las Vegas, with starting home prices ranging from the upper $400,000s to over $1.3 million. For more information, visit TollBrothers.com/LV.

Including the acquisition of StoryBook Homes, Toll Brothers has completed 14 homebuilder acquisitions since 1995.

David Rosen of Long Grove Capital acted as advisor to StoryBook Homes.