AV Homes to Acquire Savvy Homes in Raleigh, North Carolina
2017年3月3日 - 10:00PM
AV Homes, Inc. (Nasdaq:AVHI), a developer and builder of
residential communities in Florida, the Carolinas and Arizona,
today announced that it has entered into a definitive agreement to
acquire the home building assets of privately held, Raleigh, North
Carolina-based Savvy Homes for an aggregate purchase price of
approximately $50 million in cash, subject to customary
adjustments.
Savvy Homes is a well-recognized regional
homebuilding leader in the Greater Raleigh market, with a
commitment to building exceptional homes in outstanding
communities. Primarily targeting the first-time buyer and
move-up buyer, Savvy Homes has experienced strong growth, while
earning a reputation for outstanding quality and customer
focus. Savvy Homes has over 20 active communities and
delivered more than 250 homes in 2016.
The transaction will establish AV Homes as one
of the largest homebuilders in the Greater Raleigh, North Carolina
market and will complement its growing presence in the
market. With approximately 230 primary residential lots owned
and over 1,900 lots controlled, under LOI or in their pipeline,
Savvy Homes will enhance AV Homes' position in a key growth
market.
In a statement, AV Homes President and CEO,
Roger A. Cregg said, "We are excited to announce this strategic
acquisition for AV Homes. By acquiring the homebuilding operations
of Savvy Homes, we establish a stronger platform in the Raleigh
market and further the Company's strategic goal of expanding in
attractive markets with strong economic fundamentals.” Mr.
Cregg added, "The combination of the talented and experienced Savvy
Homes management team, strengthens our position in the market and
complements our successful Active Adult community in
Raleigh."
Savvy Homes CEO Darrell Daigre and President
George Aiken, will continue to run the operations for AV Homes
under the Savvy brand with no immediate changes to the
operations. "We look forward to joining the AV Homes team and
working together as one of the leading homebuilders in the highly
attractive Raleigh market," said Mr. Daigre.
The acquisition will be funded by cash on hand
and AV Homes’ revolving credit facility. The transaction has been
approved by the AV Homes Board of Directors and is expected to
close in the second quarter of 2017, subject to the satisfaction of
customary closing conditions.
Michael P. Kahn represented the seller in this
transaction.
About AV Homes
AV Homes, Inc. is engaged in homebuilding and
community development in Florida, the Carolinas and Arizona. Its
principal operations are conducted in the greater Orlando,
Jacksonville, Phoenix, Charlotte and Raleigh markets. The Company
builds communities that serve both active adults (55 years and
older) as well as people of all ages. AV Homes common shares trade
on NASDAQ under the symbol AVHI. For more information, visit
www.avhomesinc.com.
This news release contains "forward-looking
statements" within the meaning of the U.S. federal securities laws,
which statements may include information regarding the plans,
intentions, expectations, future financial performance, or future
operating performance of the Company and Savvy Homes. These
statements include, but are not limited to, the timing and
likelihood of consummation of the Savvy acquisition and the
benefits of the acquisition to AV Homes. Forward-looking
statements are based on the expectations, estimates, or projections
of management as of the date of this news release. Although our
management believes these expectations, estimates, or projections
to be reasonable as of the date of this news release,
forward-looking statements are inherently subject to significant
business risks, economic and competitive uncertainties, or other
contingencies which could cause our actual results or performance
to differ materially from what may be expressed or implied in the
forward-looking statements. Such factors include, among others: the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Savvy Agreement; the inability
to complete the acquisition of Savvy’s business due to the failure
to satisfy the conditions to completion of the transactions,
unexpected costs or unexpected liabilities that may arise from the
Savvy transaction, whether or not consummated; the outcome of any
legal proceedings relating to the acquisition or the Savvy
Agreement; risks to consummation of the acquisition, including the
risks that the acquisition will not be consummated within the
expected time period or at all; the risk that we will be unable to
recognize the expected benefits of the proposed transaction and the
risk that the proposed transaction disrupts current plans and
operations. Important factors that could cause our actual
results or performance to differ materially from our
forward-looking statements include those set forth in the "Risk
Factors" section of our most recent Annual Report on Form 10-K, and
in our other filings with the Securities and Exchange Commission,
which filings are available on www.sec.gov. AV Homes disclaims any
intention or obligation to update or revise any forward-looking
statements to reflect subsequent events and circumstances, except
to the extent required by applicable law.
Investor Contact:
Mike Burnett
EVP, Chief Financial Officer
480-214-7408
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