Landsea Homes Corporation completes its acquisition of Hanover Family Builders (HFB), an Orlando-based homebuilder for a purchase price of $179.3 million, subject to certain post-closing adjustments plus the assumption of debt of approximately $69.3 million, which was refinanced with the Company's unsecured revolving credit facility.
In 2021, Hanover closed 632 homes at an average selling price of $328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than $200 million and 18 active communities. "In 2021, Landsea Homes surpassed the milestone of $1.0 billion in revenues and completed our first year as a public company. We believe our acquisition of Hanover Family Builders is another truly transformative event for the Company," said John Ho, Chief Executive Officer, Landsea Homes. With the closing of this transaction, the company increased its lots under control to more than 12,800 and further accelerated its asset-light strategy by increasing its controlled lots to approximately 50% of total lot inventory. It also grew its active community count by more than 50% from its December 31, 2021 year end. Founded in 2017 by brothers Matt, Steve and Andrew Orosz and homebuilding veteran Colby Franks, Hanover Family Builders began with nine communities in the Orlando region, in Osceola, Lake and Polk counties. Landsea Homes entered the Florida housing market last year, with the acquisition of Vintage Estate Homes. With that purchase, Landsea Homes began providing homes in the Orlando area, including Palm Bay, Palm Coast, Ormond Beach, Lake Helen, Sorrento, Merritt Island and DeBary. In just eight years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets including Arizona, Northern and Southern California, Texas and Florida.
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7/26/2022 06:57:40 am
The inclusion increased the Landsea Homes’ pretty under control to more than 12,800. The deal added up which expanded the company’s possession-light plan by enhancing controlled lots to about 50% of total lot listing. The deal further increased its operational community count by more than 50% from 2021-end and the company anticipates the buyout to aid it in becoming one of the greatest homebuilders in the Orlando area. Landsea Homes access Florida housing market in 2021 with the accretion of Vintage Estate Homes and began offering homes in the Orlando area, adding up Palm Bay, Palm Coast. The company has enlarged its existence in main markets including Arizona, Northern and Southern California, Texas, and Florida since its layout eight years ago.
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