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PACIFIC GREYSTONE COMPLETES PURCHASE OF A-M HOMES; ACQUISITION ACCELERATES COMPANY'S OBJECTIVE TO BECOME LEADING CALIFORNIA HOMEBUILDER

 PACIFIC GREYSTONE COMPLETES PURCHASE OF A-M HOMES; ACQUISITION ACCELERATES COMPANY'S OBJECTIVE TO BECOME LEADING CALIFORNIA HOMEBUILDER
 BURBANK, Calif., Oct. 5 /PRNewswire/ -- Pacific Greystone Corporation announced today it has completed the purchase of the California homebuilding operations of A-M Homes, a respected Orange County-based homebuilder, from Jennings Group Limited of Australia and A-M's founders. As part of the transaction, Jennings will retain a minority equity stake in Pacific Greystone. No further details were disclosed.
 Pacific Greystone is a privately held California owned jointly by management and an affiliate of E.M. Warburg, Pincus & Co, Inc., a leading venture banking firm. Since its formation in 1991, Pacific Greystone has utilized its strong financial condition to take advantage of opportunities created by lower land prices and the lack of financing available to conventionally capitalized homebuilders. Pacific Greystone currently operates in southern California, concentrating in the Inland Empire region and in northern California, principally in the San Francisco East Bay region.
 A-M Homes, which was founded in 1979, has delivered over 4,000 houses, primarily in Orange County and the San Francisco Bay area. It has focused on so-called infill locations, which are typically vacant or redevelopment sites in established urban areas.
 Pacific Greystone is led by Lack R. Harter, formerly chief executive officer of M.J. Brock, one of California's leading homebuilders and by Antonio B. Mon, formerly president of Ryland Ventures, a subsidiary of the Ryland Group, Inc., one of the nation's largest homebuilders and parent company of M.J. Brock.
 Commenting on the acquisition, Mr. Harter said, "The acquisition of A-M Homes complements our existing operations and furthers our strategic objective of becoming one of California's leading homebuilders. We are pleased to be associated with the fine group of professionals who make up the A-M team."
 With respect to the company's strategy within the context of the current depressed state of California housing, Mr. Mon noted, "Our plan to create the homebuilder of the future is based on combining a sound capital structure with an experienced management team operating under a conservative philosophy. It is a long-term strategy designed to position us for the eventual recovery in the California housing market."
 -0- 10/5/92
 /CONTACT: Dan Peoples of Pacific Greystone, 619-552-1456, or Thomas C. Franco, 212-229-2222, for Pacific Greystone/ CO: Pacific Greystone Corporation; A-M Homes ST: California IN: CST SU: TNM


TM -- NY008 -- 6408 10/05/92 08:30 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
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