CULIACAN, Mexico, April 25 /PRNewswire-FirstCall/ -- Desarrolladora Homex, S.A.B de C.V. (Homex or the Company) (BMV: HOMEX), Mexico's largest homebuilder focused on building affordable entry-level and middle-income housing in Mexico, today announced that Equity International, has sold approximately 11.0 million common shares of Homex in private transactions.
Beginning in 2002, Equity International became a major investor in Homex. In recent months, Equity International has been reducing its ownership position in the Company, including a February 1st, 2008 transaction in which 5.1% of Homex common stock was sold to the family of Homex's founders. Today, pursuant to the liquidation plans for Equity International's investment fund. Equity International decided it was the optimal time to sell the remainder of its stake in Homex.
In connection with the stock sale, Gary Garrabrant, Equity International's Chief Executive Officer, resigned as a member of the Homex Board of Directors, effective today.
"The last five years have been a period of tremendous growth for Homex, and we were fortunate to benefit from Equity International's extensive experience in capital markets and its proven success in international real estate investments. They have been an ideal partner in our Company," said Gerardo de Nicolas, Chief Executive Officer of Homex.
Our partnership with Homex has been tremendously successful for both Homex and Equity International," said Mr. Garrabrant. "We believe in the strength of the Mexican homebuilding industry and are confident Homex will continue to thrive in this market. We know we will continue to share a long and prosperous relationship with Homex."
About Homex
Desarrolladora Homex, S.A.B. de C.V. (BMV: HOMEX) is a leading, vertically integrated home development company focused on affordable entry-level and middle-income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex has a leading position in the top four markets in Mexico and is the largest home builder in Mexico, based on revenues, number of homes sold and net income. For additional corporate information, please visit: http://www.homex.com.mx/.
About Equity International
Equity International is a private equity firm that invests in real estate-related businesses outside of the United States. Established in 1999 by Sam Zell and Gary Garrabrant, Equity International recognized as a leading international investor and partner of choice with multi-dimensional capability. Equity International is affiliated with Equity Group Investments, LLC, the investment company founded and led by Sam Zell, and one of the world's largest owners of real estate. For more information, please visit: http://www.equityinternational.com/.
