Firm’s Executives Buy Newport Home Builder
WL Homes LLC, the Newport Beach-based parent of one of the region’s largest builders, is being acquired by a group of managers headed by Chief Executive H. Lawrence Webb, industry sources said Friday.
The transaction is expected to be announced early next week.
WL Homes opted for a management-led buyout after rejecting bids from various suitors, a source close to the company said Friday. Webb could not be reached for comment.
The company, a subsidiary of the British construction company John Laing PLC, was formed in April 1998 by the merger of Watt Homes of Encino and John Laing Homes. WL Homes employs about 500 people in nine divisions. In addition to California, there are divisions in Nevada, Colorado, Utah and Washington D.C.
Last year, WL Homes reported that 2,261 homes were sold, up 6% from 1999. Revenues grew 22% to $603 million.
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