GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--
Century Communities, Inc. (NYSE:CCS) (the “Company”), a leading
homebuilder in select U.S. markets, today announced the acquisition of
substantially all the assets of Sundquist Homes (“Sundquist”), a single
family homebuilder in the Seattle, Washington market, where it has been
operating for over 40 years. The strategic acquisition expands the
Company’s presence in this growing West Coast market and aligns well
with the Company’s objective to grow its operations in attractive
markets with strong economic fundamentals. The Company initially entered
the vibrant Seattle market through its merger with UCP, Inc. in August
2017.
Sundquist’s business is focused on building single family homes with
sales prices generally ranging from approximately $600,000 to $1.1
million and with home sizes ranging from 2,200 to 3,700 square feet. As
part of the transaction, Century Communities acquired homes, owned lots
and controlled lots in highly desirable submarkets of the greater
Seattle area. The combination of Century Communities and Sundquist
creates a top-10 homebuilder in the Seattle market, which features a
combination of record low inventory and high price appreciation. Larry
Sundquist, founder and CEO of Sundquist Homes, will remain with Century
Communities.
Dale Francescon, Co-Chief Executive Officer of the Company, stated, “We
are very excited to complete this complementary and accretive
acquisition, which represents a significant expansion in one of the
strongest housing markets in the United States. Sundquist Homes has
built a respected local brand and reputation founded on excellence and
integrity. We are proud to welcome them to the Century team.”
Rob Francescon, Co-Chief Executive Officer of the Company, stated,
“Sundquist is an excellent addition to the Century portfolio. The
acquisition brings deep local relationships and a seasoned management
team that has been successfully operating in the Seattle market since
1974. Additionally, this acquisition provides an opportunity to drive
significant operating efficiencies for our existing Seattle platform and
will be accretive to the local operation and the larger business in 2017
and beyond.”
Larry Sundquist commented, “I am truly excited to become a part of the
Century team. Over the past 40 years, we have built a reputation in the
Seattle area based on our legacy of excellence and integrity in the
multitude of homes that we have sold. Century shares our dedication to
delivering a quality home buying experience and provides a perfect fit
for the next chapter of our growth.”
Sundquist Homes was represented by David Rosen of Long Grove Capital.
Builder Advisor Group provided services to Century Communities.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation’s largest
U.S. homebuilders, engaged in all aspects of homebuilding, including the
acquisition, entitlement and development of land and the construction,
marketing and sale of quality homes designed to appeal to a wide range
of homebuyers. The Colorado-based Company operates in 10 states across
the West, Mountain, Texas and Southeast Regions and offers title and
lending services in select markets through its Parkway Title and Inspire
Home Loan subsidiaries. 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.
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Century Communities, Inc.
Investor Relations:
303-268-8398
[email protected]
Source: Century Communities, Inc.