"Toll Brothers Inc. is looking to seize on distressed real estate and has formed Gibraltar Capital and Asset Management as a wholly owned subsidiary.
Gibraltar is looking to use the relationships and connections Toll has established as well as its access to capital to make acquisitions. The new entity will look to buy troubled real estate, including portfolios, loans and land, as well as help banks and developers in the workout of such battered real estate. Gibraltar will also make investments that make sense even if they fall outside of Toll’s “core home-building operations.”
Two Toll insiders, Roger A. Brush and Michael L. LaPat, will head up Gibraltar. Brush has a legal background and experience in distressed acquisitions and home-building operations. LaPat has been a senior manager in Toll’s finance group and involved in mergers and acquisitions, due diligence, valuations and the structuring and financing of complex ventures. This is the first publicly announced change under Toll’s new CEO, Doug Yearley Jr., who assumed the top role June 16. Toll (NYSE:TOL) is based in Horsham."
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