John Wieland Homes and Neighborhoods (www.jwhomes.com) has closed a transaction with an affiliate of Wheelock Street Capital, resulting in the formation of a new company and positioning one of the country's leading home building brands for expansion. This transaction represents the sale of substantially all of the home building assets and related intellectual property of John Wieland Homes to a new joint venture, a partnership between the Wieland family and Wheelock Street Capital.
The new partnership will carry forward the John Wieland Homes and Neighborhood’s brand and will deploy significant new capital resources to drive the growth of one of the industry’s most respected names. Included in the transaction are approximately 300 homes and over 5,000 lots in high-quality neighborhoods across the Southeast. John Wieland will serve as the company’s chairman, directing strategy and providing valuable leadership, vision and support for the new joint venture.
“In Wheelock Street Capital, we’ve found a great partner with significant financial resources and expertise that will provide for many new opportunities for John Wieland Homes and Neighborhoods,” says John Wieland. “With this new partnership, we are exceptionally well positioned to take advantage of the budding recovery in the housing market, and I couldn’t be more confident in our future.”
Jonathan Paul, Managing Partner of Wheelock Street Capital, commented, “We are very excited about our joint venture and the opportunity to capitalize on the current housing rebound through Wieland’s quality brand and strong core positions in the most attractive southeastern markets. The joint venture’s high quality lot inventory, combined with a strong balance sheet for new acquisitions should allow for meaningful growth.