Western Pacific Acquires Bay Area Builder

Western Pacific Housing of El Segundo has agreed to buy Porter Homes, a large, San Francisco Bay Area-based home builder, for approximately $60 million, including the assumption of debt. The acquisition of privately owned Porter Homes will dramatically expand Western Pacific's market share in Northern and Central California by giving it control of more than 2,800 building lots in 21 communities. Western Pacific, which is owned by Highridge Partners and Apollo Real Estate Advisors, said it expects to sell $200 million worth of new homes in the upcoming fiscal year in the northern part of the state. Western Pacific, which was founded in 1993, is one of the 10 largest home builders in the state.

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