Century
Communities, Inc. (NYSE:CCS) (the “Company”), a leading builder of
upscale single-family homes, townhomes and flats in select markets,
today announced that it has completed the acquisition of the operations
and assets of Grand View Builders in Houston, Texas. The purchase price
for the acquisition is approximately $14 million and is based on the
total assets of Grand View Builders at the closing of the acquisition,
less cash and cash equivalents and less certain assumed trade payables.
In addition, Grand View is eligible to receive earnout payments based on
performance over the next two years. The strategic acquisition extends
the Company’s regional footprint into the growing Houston housing market
and further achieves the Company’s goal of expanding its operations into
attractive markets with strong economic fundamentals, with a scalable
platform to support operating efficiency and growth.
“We are excited to announce the closing of this acquisition and our
expansion into the vibrant Houston market, which firmly positions us
within one of the strongest markets in the country. This attractive
addition to our platform continues our strategy to focus on markets with
favorable demographics and economic growth, where we can execute our
proven profitable growth initiatives,” stated Rob Francescon, Co-Chief
Executive Officer.
“We are very excited to add the Grand View Builders’ product, operations
and senior leadership to our team and look forward to growing the
company in the dynamic Houston market,” said Dale Francescon, Co-Chief
Executive Officer.
The Company acquired land, homes under construction and model homes in
thirteen communities in the greater Houston area. The communities offer
one- and two-story single family homes with sizes ranging from 1,248
square feet to nearly 4,700 square feet. The newly acquired communities
offer a wide range of options and choice in home style and community
type for today’s buyer.
In addition, Century Communities announced the hiring of Marc Jungers,
owner and founder of Grand View Builders to lead the Houston operations
as Division President. Mr. Jungers is a 20 year veteran of the Texas
homebuilding community and brings an extensive background overseeing all
facets in homebuilding operations.
As a result of this transaction Century Communities now owns and
controls 601 lots in Greater Houston. The acquisition brings the
Company’s total land position of owned and controlled lots to 10,665,
representing an increase of 28% since the end of 2013.
The seller was represented by Michael P. Kahn & Associates LLC.
About Century Communities:
Founded in 2002, Colorado-based Century Communities is a builder of
single-family homes, townhomes and flats in select major metropolitan
markets in Colorado, Texas, and Nevada. The Company offers a wide
variety of product lines and is engaged in all aspects of homebuilding,
including the acquisition, entitlement and development of land and the
construction, marketing and sale of homes. Century Communities is a top
50 homebuilder in the United States and is one of the top five fastest
growing homebuilders by total revenue. To learn more about Century
Communities please visit www.centurycommunities.com.
Safe Harbor Statement
Certain statements in this press release may be regarded as
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. Certain
forward-looking statements discuss the Company’s plans, strategies and
intentions, and may be identified by reference to a future period or
periods or by the use of forward-looking terminology, such as “expects,”
“may,” “will,” “believes,” “should,” “would,” “could,” “approximately,”
“anticipates,” “estimates,” “targets,” “intends,” “likely,” “projects,”
“positioned,” “strategy,” “future,” and “plans.” In addition, these
words may use the positive or negative or other variations of those
terms. All statements other than statements of historical fact are
“forward–looking statements” for purposes of federal and state
securities laws, including, but not limited to, statements about
anticipated future operating and financial performance, financial
position and liquidity, business strategies, regulatory and competitive
outlook, investment and expenditure plans, capital and financing needs
and availability, plans and objectives of management for future
operations, developments regarding our capital plans, and other similar
forecasts and statements of expectation and statements of assumption
underlying any of the foregoing. There is no guarantee that any of the
events anticipated by these forward-looking statements will occur. These
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance or achievements to differ from those expressed or implied by
the forward-looking statement.
These forward-looking statements are based on various assumptions and
the current expectations of the management of the Company, and may not
be accurate because of risks and uncertainties surrounding these
assumptions and expectations. Factors listed below, as well as other
factors, may cause actual results to differ significantly from these
forward-looking statements. If any of the events occur, there is no
guarantee what effect they will have on the operations or financial
condition of the Company. Major risks, uncertainties and assumptions
include, but are not limited to, risks relating to: any unforeseen
changes to or effects on liabilities, future capital expenditures,
revenues, expenses, earnings, synergies, indebtedness, financial
condition, losses and future prospects; the Company’s ability to
integrate and operate Grand View Builders assets successfully after the
closing of the acquisition; the effect of general economic conditions,
including employment rates, housing starts, interest rate levels,
availability of financing for home mortgages, and the strength of the
U.S. dollar; and other factors. However, it is not possible to predict
or identify all such factors.
In addition, the Company has disclosed under the heading “Risk Factors”
in its prospectus dated June 17, 2014, filed with the U.S. Securities
and Exchange Commission on June 18, 2014 pursuant to Rule 424(b)(4)
under the Securities Act of 1933, as amended, the risk factors which
materially affect its business, financial condition and operating
results. Consequently, while the list of factors presented here is
considered representative, no such list should be considered to be a
complete statement of all potential risks and uncertainties.
Forward-looking statements included herein are made as of the date
hereof, and the Company undertakes no obligation to publicly update or
revise any forward-looking statement unless required to do so by
applicable law.
Copyright Business Wire 2014