GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--
Century
Communities, Inc. (NYSE:CCS) (the “Company”), a top-25 US
homebuilder of single-family homes, townhomes and flats in select
markets, today announced it has acquired ownership of 50% of Wade Jurney
Homes, Inc. and Wade Jurney of Florida, Inc. (collectively “Wade
Jurney”) through investment in a newly formed entity, WJH, LLC. Wade
Jurney, which primarily targets first time home buyers in the Southeast,
was the 60th largest U.S. homebuilding operation as measured
by 2015 closings and was named by Builder Magazine as the fastest
growing private builder.
Wade Jurney is a regional leader in providing affordable homes of
outstanding quality in 17 markets within North Carolina, South Carolina,
Florida and Georgia. Wade Jurney specializes in providing single family
homes and townhomes for first time buyers with sales prices generally
ranging from $100,000 to $180,000 and home sizes generally ranging from
1,000 to 3,000 square feet. Its operations are exceptionally streamlined
and its homes are uniquely sold through retail outlets as opposed to
model homes.
Century Communities purchased a 50% ownership interest in WJH LLC for
$15 million. Wade G. Jurney, Jr. (“Wade”) will own the other 50% of the
entity. Both Century Communities and Wade also each contributed an
additional $3 million in capital bringing Century’s total investment to
$18 million. As of September 30th, Wade Jurney had
approximately 3,949 owned and controlled lots and 309 homes in backlog
representing a value of $42.7 million. For the trailing twelve month
period ended September 30, 2016, Wade Jurney closed 1,060 homes
generating $148.2 million in revenue.
Century Communities and Wade will share responsibility for all of the
strategic decisions, with Wade continuing to manage the day to day
operations under the existing operating model.
“As we seek to further diversify our product platform across buyer
profiles, this acquisition scales our access to first time homebuyers in
a very efficient manner,” said Dale Francescon, Co-Chief Executive
Officer. “By partnering with Wade Jurney we are able to leverage its
unique business model, which requires less capital investment yet yields
quicker asset turns.” Rob Francescon, Co-Chief Executive Officer, added,
“We believe this investment will generate a high return on equity for
Century shareholders while providing increased geographic exposure into
one of the fastest growing regions of the country. Given the
demonstrated success of the Wade Jurney brand and the growing strength
of the entry level buyer, we plan to expand this platform into
additional markets.”
“I am thrilled to partner with Century Communities for the next chapter
of our growth,” said Wade G. Jurney Jr., president of Wade Jurney Homes.
“We have expanded our business at a very rapid pace over the past
several years with a commitment to provide high quality, desirable homes
at affordable prices. Century shares our commitment to success and we
look forward to continuing to grow our business.”
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, Georgia, Nevada, Texas, and Utah. 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-25 U.S. homebuilder based on homes delivered. To
learn more about Century Communities please visit www.centurycommunities.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and, as
such, may involve known and unknown risks, uncertainties and
assumptions. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
historical information available at the time the statements are made and
are based on management’s reasonable belief or expectations with respect
to future events, and are subject to risks and uncertainties, many of
which are beyond the Company’s control, that could cause actual
performance or results to differ materially from the belief or
expectations expressed in or suggested by the forward-looking
statements. Forward-looking statements speak only as of the date on
which they are made and the Company undertakes no obligation to update
any forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors are
referred to the Company’s Annual Report on Form 10-K for additional
information regarding the risks and uncertainties that may cause actual
results to differ materially from those expressed in any forward-looking
statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101006736/en/
Investor Relations:
Century Communities
303-268-8398
[email protected]
Source: Century Communities, Inc.