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Trumark to sell 60% stake to Daiwa House's US subsidiary

California-based developer and homebuilder Trumark Cos. LLC agreed to sell a 60% equity interest in the company to Daiwa House USA Inc.

The U.S. subsidiary of Japanese homebuilder Daiwa House Industry Co. Ltd. also committed to provide more capital to fund the further development of Trumark's business.

Michael Maples and Gregg Nelson, Trumark's co-founding principals, will continue to be part-owners and will be co-CEOs of the business.

The transaction is part of Daiwa House USA's strategic initiative to expand its business in North America.