Member news: Saussy Burbank goes private again
In the late nineties, St. Joe acquired Charlotte-based homebuilder Saussy Burbank. The acquisition was designed to facilitate their expansion beyond the Florida market. St. Joe recently changed course and decided to focus in on their assets at home. That meant Saussy Burbank was no longer a core part of their long-term plan.
The Charlotte Observer reports that St. Joe’s shift in strategy opened the door for a team led by Charles Teal and (company founder) Jim Burbank to purchase Saussy Burbank back from St. Joe for $74 million.
Congratulations to Jim and his team. I haven’t seen many volume builders that can produce the quality of design and construction that have earned Saussy Burbank its reputation.