Schuler Homes Inc., one of Hawaii's largest home builders, has acquired privately held Rielly Homes Inc. of Newport Beach for an undisclosed amount. Rielly, founded in 1987 by Tom Rielly, sold about 160 homes last year, generating sales of about $50 million. Rielly, through land purchase options, controls the rights to develop more than 3,200 homes in Southern California and Phoenix. Rielly said he sold the company to link up with a better financed builder. The deal would also allow Schuler to diversify beyond recession-racked Hawaii. Rielly said he will head Schuler's Southern California and Arizona divisions, and that all 30 of his employees will be retained. Shares of Schuler, which had revenue of $282.9 million last year, fell 25 cents to close at $7.13 on Nasdaq.
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