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THE MEYERS
GROUP ANNOUNCES $18.5 MILLION IRVINE, CA -
(August 16, 2000) -
The Meyers Group, the nation's premier provider of residential
development information, research and consulting services, successfully
closed a second round of funding today that resulted in $18.5 Million of
new equity to finance the company's continuing growth and expansion.
Merrill Lynch Private Equity Group advised the company on the
second round funding. "We are extremely pleased to have the continued
trust of AEW, our initial venture partner, and to welcome AGL to our
investor group," said Jeffrey S. Meyers, Chairman and CEO of Meyers
Group. "The additional
capital from this round will enable us to accelerate the introduction of
new products and continue the conversion of our business to an
internet-based model." Over the past several years, Meyers Group has
executed a nationwide expansion program completing ten acquisitions.
The company now provides the residential development industry
with information on 1.9 million new homes in the nation's top 50
markets, and is in the process of introducing similar products covering
residential land development pipeline and multi-family properties.
The company's website, www.meyersgroup.com, provides on-demand access
to its databases, as well as market analyses and research.
Meyers Group is leveraging its strong brand equity, leading
national presence and data assets to become a leading B2B portal for the
residential development industry. "We are excited about Meyers Group's growth
potential," said Chip Molloy, AGL Principal.
"Jeff Meyers has established a leadership position in a large
niche market that serves land developers, home builders, appraisers,
title companies, building product manufacturers, REITs, financial
institutions, investment banks and municipalities.
The Meyers Group's greatest assets are its comprehensive
database and its tremendous level of managerial and technological
expertise." "We are delighted AGL is joining us as an investor
in Meyers Group," said Marc L. Davidson, a Principal of AEW and
Portfolio Manager of AEW Partners III.
"We look for Meyers Group to solidify its position as the
leading source of information for the residential development industry,
and with the combined resources of AEW and AGL, we expect the company
will move forward quickly in meeting its growth objectives."
About Meyers Group Founded in 1985, Meyers Group is the premier
nationwide provider of high quality market information, analysis and
consulting services to the residential development industry using
internet-based technologies. Meyers
Group is the nation's largest provider of new home real estate
information covering 1.9 million new homes and the top 50 U.S. housing
markets. The company's principal products include Residential
Pro, Land Pro and the Homebuilder database, all of which are available
on a subscription basis on CD-ROM.
In May of this year, Meyers Group launched www.meyersgroup.com,
a business-to-business website allowing customers to purchase market
information and analysis online. Eventually,
all Meyers Group products will be available online.
The company's consulting services division conducts consulting and feasibility studies
for builders, developers, investors and lenders in the real estate
industry. Meyers Group customers include homebuilders, building
product manufacturers, land developers, appraisers, real estate
investors, municipalities, REITs, financial institutions, and investment
banking firms, among others. The
Meyers Group also serves as a premier source for new home statistics and
commentary for major media publications and news organizations around
the country. Information
about Meyers Group can be accessed through its website at www.meyersgroup.com. About AGL
AGL has invested more than $50 million in portfolio
companies since its inception 17 months ago as Amstar's
diversification unit. Founded
in 1987, Amstar is dedicated to the acquisition and development of
select real estate properties throughout the U.S.
Amstar's investment portfolio is valued in excess of $700 million
and includes apartment communities, office buildings, hotels and resort
properties, as well as Redstone Homes, a Denver-based residential
building company. Amstar
owns a number of properties in Southern California, including five
multifamily properties, the Courtyard by Marriott San Diego Downtown,
and the 110 Plaza and 555 Anton office buildings.
For more information, visit www.amstargroup.com. About AEW
AEW Capital Management is a real estate investment
advisory firm, providing investment management, investment banking and
related services to institutional investors and other owners of
commercial properties and portfolios.
AEW's investment management services focus on high-return private
equity real estate, directly held real estate assets, and real estate
securities (REITs, CMBS and private placements).
Among AEW's clients are some of the nation's largest corporate,
public and union pension funds, university endowments and governmental
entities. On behalf of its clients, AEW currently manages approximately
$6 billion of capital, which is invested in over $9 billion of real
estate in North America and Europe.
For more
information, visit www.aew.com. Press Contact: Kristine Stremel Martha J. Thurber |
toll free: 1.800.639.3777 | e-mail: HWMIcustomerservice@hanleywood.com
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