Pacific Greystone Corp. in Burbank said it has completed the purchase of the California home-building operations of A-M Homes, an Orange County-based home builder. Pacific Greystone bought A-M's operations, which include 1,000 lots with homes in various stages of development, from A-M's founders and Jennings Group Ltd. of Australia.
In return, Jennings will retain a minority equity stake in Pacific Greystone. No further details were disclosed about the transaction.
Pacific Greystone is a privately owned company formed in 1991 and owned jointly by management and an affiliate of New York investment firm E.M. Warburg, Pincus & Co.