Toll adds Silverman to dominate Detroit

Professional Builder
March 1, 1999

Toll Brothers Inc. has completed the acquisition of Silverman Cos. The deal, which involves a purchase price of $60 million in debt and equity, permits Toll Brothers to establish itself as a key player in the Detroit, MI, market. The Huntington Valley, PA-based company, which sells houses in 125 sites in 18 states, ended 1998 with record earnings of $84.7 million on revenues of $1.2 billion. The acquisition also allows Toll Brothers to add Buzz Silverman to its marketing team, a development that should strengthen the company's ability to develop luxury apartments in the Midwest.