The management of M. J. Brock & Sons Inc., Los Angeles-based general contracting, residential development and mortgage banking firm, has purchased the company from CIGNA Corp. for an estimated $80 million.
Richard C. Chenoweth, chairman, and Jack R. Harter, president of the Brock firm, said E.M. Warburg, Pincus & Co. Inc., New York, is an equity partner. Financing was provided by a bank consortium led by Security Pacific National Bank.
Harter said that, although "our relationship with CIGNA has been both profitable and cordial, our new capital base will permit us to expand existing operations, enter new areas and explore new markets."
He added that Brock has a goal of increasing home sales from the 800-1,000 per-year range to 1,500-2,000 per year within the next three years. Current annual revenues exceed $150 million, Harter said.
The purchase of the Brock firm, founded in 1922 by M. J. Brock Sr., follows nearly 17 years as a wholly owned subsidiary, first by INA Corp. and more recently of CIGNA when INA merged with Connecticut General.