Episode 52: IPOs and Mergers & Acquisitions
We speak with Tony Avila, Co-Founder and Managing Principal of Encore Capital Management, about today’s M&A climate and what it takes to make a deal go smoothly.
Read the Episode Transcript
Featured Guests
Tony Avila, Co-Founder and Managing Principal, Encore Capital Management
Over the past 25 years, Tony Avila has served as an advisor in over 85 homebuilding merger and acquisition transactions valued at over $12 billion and helped to raise approximately $10 billion in over 75 debt and equity issuances for publicly-traded and private homebuilding and land development companies.
Mr. Avila founded Builder Advisor Group in 2008 and has been working as a homebuilder investment banker since 1996. Mr. Avila has served as an investment banker in more homebuilding transactions than any other advisor. Most recently Mr. Avila closed the sale of several top 100 builders including Transeastern Homes, Town and Country Homes, American West, Wade Jurney, Dan Ryan Builders, and Arbor Homes. Mr. Avila has also raised capital for dozens of builders and developers, including Johnson Development, Metro Development, LGI Homes, Dream Finders Homes, Beazer Homes, and Century Communities.
Mr. Avila is also co-founder and a Managing Principal for Encore Capital Management. Encore focuses on investing, developing lots, and constructing homes and apartments in California, Arizona, Texas, Oregon, Washington, and Florida. Encore has developed over 20,000 lots, homes, and apartments since 2009. Encore manages over $2 billion in assets.
Mr. Avila’s experience in the housing sector began during the S&L crisis when he worked at the Federal Home Loan Bank of San Francisco overseeing troubled, government-controlled savings and loans. He joined Montgomery Securities in 1996, which became Banc of America Securities in 1998. While at Banc of America Securities, Mr. Avila was an advisor to the Pebble Beach Company, helping to bring the Pebble Beach Resorts back to U.S. ownership. In 1999, Mr. Avila represented The Irvine Company in its acquisition of Irvine Apartment Communities. In late 2001/early 2002, he advised D.R. Horton for the acquisition of Schuler Homes, the second largest homebuilding acquisition in the U.S.
In 2002, Mr. Avila joined JMP Securities where he founded and lead the Homebuilding Investment Banking team for six years. Some notable transactions include advising Transeastern Properties on its sale to TOUSA in August 2005, advising Town and Country Homes on its sale to The Blackstone Group and K. Hovnanian Homes and advising on the formation of a $250 million joint venture between Metro Development and D.E. Shaw to acquire distressed land. In 2008, he advised MatlinPatterson Global Advisors LLC, a global distressed private equity firm, on its capital investment in Standard Pacific Homes. Mr. Avila worked on the restructuring of $75 million of Beazer Homes debt and assisted in establishing a joint venture between GTIS Partners and LGI Homes.
Mr. Avila is a graduate of U.C. Berkeley. He is a ULI member and active participant of the Community Development Council. Mr. Avila is a board member of the Positive Coaching Alliance and a member of the Finance Advisory Board for the Sisters of the Holy Family. Mr. Avila is an avid Ironman triathlete and has participated twice in the Ironman World Championship in Kona, Hawaii. Mr. Avila has also run the Boston, Big Sur, San Francisco, California International, Chicago, and New York Marathons.
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