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Word on the street has UDC Homes Inc. being on the block, and company chairman Drew Brown doesn't rule out a sale, but said at this point all management is doing is evaluating ways to grow the company.
Brown is the D in DMB Consolidated Holdings, Inc., which owns 50% of UDC Homes. The rest is owned by Boston-based AEW Capital Management Inc.
"We are evaluating all of the ways that might be relevant for putting the company in a position to fulfill the potential that it has created, and that will require additional capital," said Brown of plans to continue to grow the Phoenix-based homebuilder. "That could come from us. We are capable of providing additional capital, of course. It could come from third parties and it could come from an additional equity infusion."
But Brown said management has just begun the process of evaluating its options and is not prepared to go in any one direction at this point.
"What we know is we're going to need additional equity, that's a given. What I don't know is what we decide the range of options are to do that," he said. "And so when you say, 'Does that include the sale of the business?' I don't know that we'd consider that. ... We're nowhere near that...