By Kristena Hansen | Phoenix Business Journal
The same private equity firm that bought Taylor Morrison back in 2011 has now set its sights on another Scottsdale-based home builder with a $135 million investment.
With that lump sum — a $14.65 per share investment — Fort Worth, Texas-based TPG Capital will have a roughly 42 percent stake in AV Homes Inc. (NASDAQ: AVHI), according to the home builder’s statement early Wednesday.
Upon the deal’s scheduled June 20 completion date, AV Homes will issue 2.6 million common shares and 700,000 shares of newly created preferred stock, resulting in TPG’s ownership stake. The common shares, which represent about 20 percent of AV Homes’ outstanding common stock, will be worth about $37.5 million and the preferred shares will initially be valued at around $97.5 million.
