ICI Homes’ Mori Hosseini Buys Partner’s Holdings
ICI Homes Chairman announces buyout of partnership holdings including Plantation Bay and land in Deltona, Palm Coast and Flagler County
Palm Coast, Florida – September 24, 2008 – ICI Homes Chairman and CEO, Mori Hosseini, has announced that his company just completed a transaction with his longtime partner and friend, L. Gale Lemerand, to acquire Lemerand’s ownership shares in two of their major partnership holdings. Included in the purchase is the Plantation Bay community in Ormond Beach, a 3,800-acre, 6000-unit sprawling development which boasts three championship golf courses, straddling the Volusia-Flagler County line. The Flagler County Property Appraiser’s records show that ICI holds over 300 parcels within the county titled under the following entities:
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Intervest Construction Inc.
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Intervest at Plantation Bay
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Intervest at Palm Coast
The transaction further provided for ICI Homes’ takeover of properties previously held jointly by the partnership in Deltona, Palm Coast and unincorporated Flagler County.
Hosseini said build-out of the combined purchase will exceed over $2.4 billion. He went on to confirm that he and Lemerand will continue other business partnerships and investments they share that are more short-term in nature.
“This buy-out comes at a good time for Gale and a good time for ICI. It enables ICI and its affiliates to further consolidate company holdings, allowing us to better plan for longer range market positioning,” said Hosseini.
“Mori has been my partner, confidant and my good friend for well over 20 years and I have benefited immensely from my relationship with him,” said Lemerand. “This divestiture will help me to streamline my investments and focus more on other community and business interests that I am so actively involved in,” Lemerand added.
Further details of the transaction were not disclosed.
ICI homes, ranks among the top 100 Builders by Builder magazine and is one of the largest privately owned homebuilder in the US. The 28-year-old firm builds new homes and resort facilities in the Volusia-Flagler region as well as Jacksonville, Orlando and Tampa.
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