The Santa Margarita Co., developer of the master-planned community Rancho Santa Margarita, said Monday that it has agreed to acquire a home building company formed in 1990 by a former Santa Margarita employee.
The developer would not disclose the price or other terms of its deal with the San Juan Group in Rancho Santa Margarita.
Anthony Moiso, Santa Margarita Co.'s president, already owns a significant stake in the home builder, said Diane Gaynor, spokeswoman for Moiso's company. But she declined to reveal the amount.
Dennis Bean III will continue as president of the San Juan Group. He was a vice president of residential investment properties for Santa Margarita and was responsible for its apartment program. He was not available for comment.
"The acquisition will help the Santa Margarita Co. take advantage of the anticipated economic recovery next year," Gaynor said. The San Juan Group will become a wholly owned subsidiary once the deal closes later this year, she said.
The San Juan group has operated almost as a captive home builder for Rancho Santa Margarita, building housing projects only in the 5,000-acre master-planned development. It has built and sold about 300 condominiums there.
Santa Margarita Co.
* Business: Developer
* Founded: 1983
* Headquarters: San Juan Capistrano
* Employees: 80
* President/CEO: Anthony R. Moiso
* Primary development: Rancho Santa Margarita, a master-planned community in southern Orange County
San Juan Group
* Business: Builder
* Founded: 1990
* Headquarters: Rancho Santa Margarita
* Employees: 15
* CEO and founder: Dennis Bean
* Award: Building Industry Assn. of California's 1991 Golden Nugget Award for its 342-unit, 20-acre Tijeras Creek condominium development
Source: Santa Margarita Co.; Researched by JANICE L. JONES / Los Angeles Times