• Rich has been covering the homebuilding, building products manufacturing and distribution, and heavyside sectors (cement/aggregate) for over 30 years. He is considered one of the preeminent investment bankers in the homebuilding and building products industries. Rich has vast C-Suite relationships across the various industry sectors and has advised numerous Boards on many of the industry’s leading M&A and capital markets transactions throughout his career
  • Prior to his retirement, Rich led the homebuilding and building products group at Citi for over 28 years. Rich began covering the homebuilding and building products industries in 1993, before it was a recognized coverage sector on Wall Street. In the early days, Rich established relationships with many of the pioneering, founder-led companies which have become today’s industry leaders. Examples of these decades-long relationships include Lennar, DR Horton, Pulte, Toll Brothers, MI Homes, KB Home, Beacon Roofing, Interface and Masco Corp. Rich played an integral role in advising many of these companies on their M&A growth strategies. Notable transaction experience includes DR Horton/Continental Homes merger in 1996 – the largest merger of the day; Pulte Homes acquisition of Del Webb and Centex Homes; Lennar’s acquisition of Cal Atlantic – the largest homebuilding M&A transaction to date; and Beacon’s acquisition of RSG Supply and Allied Building Products
  • Post the housing crisis of 2007-2010, Rich was actively involved in recapitalizing the housing-related sector with numerous debt and equity capital markets transactions, including the IPOs for Taylor Morrison Homes, Tri Pointe Homes, William Lyon Homes, New Home Company, WCI, UCP, Five Point Holdings, Summit Materials and JELD-WEN
  • Rich approaches his advice to executives through the primary lens of shareholder value creation. As the industry has transformed into large-cap, scale-oriented companies, Return-on-Invested Capital (ROIC) and Return-on-Equity (ROE) are recognized as the primary measures to drive valuation multiples and relative share price performance. Using this framework, Rich’s advisory roles incorporate a multi-pronged approach to capital allocation which includes organic and inorganic growth to achieve scale, while concurrently balancing appropriate leverage with return of capital through share repurchases and dividends
  • In recent years, Rich has increasingly focused on technology and ESG initiatives to advise clients on how to further improve investor engagement and business performance. One client, Five Point Holdings, was the first master-planned community to adopt “net-zero” policy into its development plan which has served as an exemplary model for future communities. On the technology side, Rich has been the advisor to Builder Homesite, the industry-owned consortium which operates the largest new home website listing company, NewHomeSource.com
  • After graduating from Colgate University, Rich started his career in the audit department of Coopers & Lybrand. Rich received an MBA from NYU Leonard Stern and holds a CPA license in New York