HOUSTON--(BUSINESS WIRE)--Grand View Builders, a Houston-based, family-owned and operated homebuilder has been acquired by Century Communities, a leading Colorado-based builder of upscale single-family homes, townhomes and flats in select markets, including Colorado, Texas and Nevada. The acquisition is a result of Grand View Builders’ success and continued growth in the Houston and surrounding areas in recent years. In 2013, Grand View Builders was ranked one of the top 35 Houston area homebuilders, closing 198 total homes, far exceeding their previous record of 161 homes sold in 2012.
Grand View Builders has been a part of the Houston homebuilding community since 2009 and was building in 13 Houston-area communities at the time of the transaction. As a result, Century Communities now owns and controls 601 lots in the Greater Houston area formerly owned by Grand View Builders. Under Century Communities, Grand View Builders will continue its successful homebuilding operations in the Houston region. The company will continue to serve the popular communities of Lakes of Bella Terra, Stewarts Forest and many more, as well as its newest communities, The Township and Raleigh Creek.
Grand View Builders’ president and founder, Marc Jungers, a 20-year veteran of the Texas and Houston homebuilding community, will lead the Houston operations of Century Communities as Division President. In addition to Grand View Builders, Marc successfully started and operated two more successful Houston enterprises: GVB Customs Homes and SWMJ Construction. GVB Custom Homes grew out of the success of Grand View Builders’ “Build on Your Lot” program, allowing homeowners to build a completely custom, luxury home on their own land anywhere in the greater Houston area. SWMJ Construction started after providing much needed assistance in rebuilding homes in Houston and surrounding cities following hurricanes Rita and Ike.
“We are very proud of the business we have built in the communities that we serve and we are excited to continue building homes in the Greater Houston area as a part of Century Communities,” said Jungers. He added, “I believe the acquisition will allow Grand View Builders to meaningfully increase its attractive product offerings and expand into new communities as we move forward together.”
The strategic acquisition allows Century Communities to build upon the successful practices established by Grand View Builders, expanding its regional footprint into the growing Houston housing market. 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 earn out payments based on performance over the next two years. The acquisition brings Century Communities’ total land position of owned and controlled lots to 10,665, representing an increase of 28% since the end of 2013.
Michael P. Kahn & Associates LLC acted as financial advisor to Grand View Builders.
About Grand View Builders
Grand View Builders was established in 2009 to offer affordable, custom homes with appealing exterior architectural style and interior beauty with a range of floor plans to match any lifestyle. Known for impeccable quality, attention to detail and unmatched dedication to every project, Grand View Builders offers their customers an opportunity to achieve the American dream – owning their own home. Grand View Builder was acquired by Century Communities in 2014.
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.
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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.