On Tuesday, Anthem Properties announced that it had acquired Calgary-based builder Cedarglen Homes, as of December 20, 2023.
Anthem Properties was founded and is based in Vancouver, but also has a sizeable portfolio of projects in Alberta, most notably D'Arcy, a 280-acre master-planned community in Okotoks.
While Anthem's residential projects in British Columbia are often high-rise towers, the company's developments in Alberta have primarily been low-density projects such as townhouses and single-family homes, the latter of which has been the focus for Cedarglen Homes.
Cedarglen Homes was founded over 40 years ago and has become known as a respected builder of high-quality homes, says Anthem Properties. In 2023, the company won the 2023 H.O.M.E. Award for Builder of Choice, for builders of single-family homes with a portfolio of over 300 homes — an award it has won for the seventh consecutive year.
Cedarglen also took home the award for Best Customer Experience, in the category for Calgary builders with portfolios of over 250 homes, which it has won three of the past seven years.
"This exciting partnership with Anthem Properties will open a world of opportunities for our employees and customers," said Howard Tse, President and CEO of Cedarglen Homes. "For our employees, it means joining a larger, dynamic company with a strong commitment to growth and development. For our customers, it means continued access to a wide range of high-quality homes in more communities in Calgary and the surrounding areas. We are confident that this partnership will be mutually-beneficial and rewarding for everyone involved."
According to Anthem's announcement, Cedarglen Homes will continue to operate as is, independent of Anthem, with Tse remaining at the helm. The two companies can potentially be integrated in the future, Anthem says, but only "in the event it became obvious to the senior leadership of both companies that doing so would materially enhance the success of the business."
"The acquisition of Cedarglen is a highly significant transaction for Anthem," said Anthem Properties Founder and CEO Eric Carlson. "It fortifies our position as an Alberta business and synergizes well with our land division, and everything else we are doing in Calgary. Anthem and Cedarglen are well-aligned on our growth strategy, great people, culture, values, and process. This is a huge win-win, in every aspect."
