- Acquires Peachtree Communities in Atlanta, Georgia -
- Adds 36 Communities and 2,120 Owned and Controlled Lots -
- Increases Total Land and Lot Position to 11,569 -
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--
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 Peachtree Communities in Atlanta, Georgia. The purchase
price for the acquisition is approximately $55 million and is based on
the total assets of Peachtree Communities at the closing of the
acquisition, less cash and cash equivalents and less certain assumed
trade payables. The strategic acquisition establishes the Company’s
footprint in the growing Southeast market and further achieves the
Company’s goal of expanding its operations into attractive markets with
strong economic fundamentals.
“We are very pleased to announce this acquisition which marks our entry
into the Atlanta market. This transaction provides a significant
foothold in an area that has historically been one of the most active
markets for new home construction and continues to improve at a pace
that exceeds the national housing recovery. This transaction builds on
our strategy to focus on markets with favorable demographics and
economic growth,” said Dale Francescon, Co-Chief Executive Officer.
“Considered the #2 homebuilder in the Atlanta market, Peachtree is a
great addition to the Century portfolio and brings a proven operating
platform with a seasoned management team that has delivered in excess of
900 homes over the last 12 months. Additionally, the Atlanta market
provides us an exciting opportunity to create a scalable platform for
growth and operating efficiencies to further generate shareholder
value,” commented Rob Francescon, Co-Chief Executive Officer.
The Company acquired land, homes under construction and model homes in
36 communities in the greater Atlanta area. The communities offer one-
and two-story single family homes with sizes ranging from 1,235 square
feet to nearly 5,100 square feet. The newly acquired communities offer a
wide range of options and choices in home style and community type for
today’s buyer.
In addition, Century Communities announced the hiring of Rick Carruthers
to lead the Atlanta operations as Executive Vice President of the
Company and its Atlanta Division President and Tom Justice as Senior
Vice President of Operations - Atlanta. Mr. Carruthers and Mr. Justice
are highly seasoned operators in the homebuilding industry and bring
extensive backgrounds overseeing all facets of homebuilding operations.
As a result of this transaction, Century Communities now owns or
controls 2,120 lots in Greater Atlanta. The acquisition brings the
Company’s total land position of owned and controlled lots to 11,569,
representing an increase of 39% 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, Nevada and Georgia. 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 Peachtree Communities’ 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.
Century Communities
Investor Relations:
303-268-8398
[email protected]
or
Media
Relations:
Mike Davidson, 303-268-8362
[email protected]
Source: Century Communities, Inc.