Homebuilding king is funneling his fortune into something new

Peter Gilgan

Disclosure: Rose Law Group represents Mattamy Homes


The founder of Mattamy Homes is diversifying.

Over four decades, Peter Gilgan turned Mattamy Homes into the largest closely held home-construction company in North America. Now the Canadian billionaire wants to do something entirely new.

Gilgan is stepping aside as chairman of Mattamy Homes and setting up a new company to invest in other sectors, using the C$1.5 billion ($1.1 billion) of excess cash flow expected to be generated by the builder over the next four years.

Mattamy Asset Management Inc. will also be the parent company of Mattamy Homes Canada and Mattamy Homes U.S., which will operate as separate, standalone businesses. Gilgan will be chief executive officer and chairman of MAM, which will focus on a range of asset classes and risks, including private equity, strategic partnerships and possibly even startups.