January 23, 2012 – DMB , today announced its intent to spin off DMB’s Pacific Division into a new company, DMB Pacific Ventures. The new company will be led by Eneas Kane, who has served as President and CEO of DMB for the past several years. Kane will leave DMB to assume the role of President and CEO of DMB Pacific Ventures.
Nearly 10 years ago, DMB expanded its investments outside of Arizona, most notably in California and Hawaii. In recent years, these projects have been managed by DMB’s Pacific Division. With the industry now poised for recovery, DMB , together with its major equity partners, have decided to move the DMB Pacific Division into a separate company.
“DMB continues its focus on legacy projects,” said Drew Brown, DMB Founding Partner and Board Chairman. “Our active portfolio includes some of the region’s most exciting large-scale planned communities and mixed-use projects. Backed by the founding partners, a strong management team and a more favorable market, we’re ready to deliver the next great DMB communities,” said Brown.
“With a proven track record of success and well-capitalized for the future, DMB Pacific Ventures will move quickly into an active expansion mode,” said Eneas Kane. “As we launch DMB Pacific Ventures, I am looking forward to new opportunities and building on our shared legacy.”
David Bruner, DMB’ Chief Operating Officer (COO) and head of DMB’s Legacy Division said, “Our Legacy Division is poised for dramatic growth as we look toward new development at Eastmark, One Scottsdale, Rancho Mission Viejo and in our legacy communities.” Bruner will continue to lead DMB as COO.
DMB continues to focus on its legacy community projects and partnerships, including DC Ranch, Verrado and Marley Park, and to manage its commercial portfolio. The Company is also commencing development on its newest planned community at Eastmark (the former GM Proving Grounds), developing the first phases of this 3,200-acre project in the East Valley for opening in 2013.
DMB Pacific Ventures will maintain uninterrupted management of the existing Pacific Division projects of DMB, with their current major equity investors Madrone Capital Partners and Argonaut Private Equity, including Tejon Mountain Village, Martis Camp, Redwood City Saltworks and Kukui`ula. Ownership interests in all DMB Pacific projects will remain unchanged. The new company will be headquartered in the San Francisco Bay Area.
Mark Kehke, the Pacific Division’s Chief Operating Officer, is assuming the same position with the new company. The transition of senior Pacific Division leadership to the new entity ensures continuity and continued operational excellence.
About DMB :
DMB is an Arizona-based, diversified real estate company with real estate holdings through affiliated companies. Founded in 1984, DMB’s projects include signature commercial properties, resort/recreational and primary home communities, country clubs, health clubs and spas located in Arizona, California, Hawaii and Utah. DMB is known for creating places that complement and enhance the greater communities of which they are a part.
The DMB name comes from the first initials of each of its three founding partners — Drew Brown, Mark Sklar and Bennett Dorrance. The partners have cultivated a corporate culture based on mutual respect, integrity, fairness, and a commitment to stand behind every business decision.