Dream Finders Homes Acquires the Assets of Crescent Homes
02 2월 2024 - 10:30PM
Business Wire
Dream Finders Homes, Inc. (the “Company”, “Dream Finders Homes”,
“Dream Finders” or “DFH”) (NYSE: DFH) announced today that it has
acquired the core homebuilding assets of privately held
homebuilder, Crescent Ventures, LLC (“Crescent Homes” or
“Crescent”).
The acquisition will meaningfully enhance Dream Finders’
geographic footprint and allow the Company to expand into the
markets of Charleston and Greenville, South Carolina, and
Nashville, Tennessee. Assets acquired include 457 homesites in
varying stages of construction, a sales order backlog of
approximately 460 homes with a value in excess of $265 million, and
approximately 6,200 lots under control.
Patrick Zalupski, Dream Finders’ Chairman and CEO, said, “We are
excited about this acquisition and our partnership with Crescent’s
founder and CEO, Ted Terry, and the Crescent Homes team. We are
impressed by Ted’s vision and his ability to deliver high-quality
homes with exemplary craftsmanship over the past 15 years, growing
from their headquarters in Charleston to the equally desirable
housing markets of Greenville and Nashville. Our access to capital
and efficient operations will enable Crescent to grow faster and
achieve significant scale in each market. This transaction enhances
our geographic reach and strategically diversifies our operations
into three new metropolitan areas. We are looking forward to
welcoming the Crescent team to the Dream Finders family!”
Ted Terry, Crescent Homes' Founder and CEO, said, “Our
partnership with Dream Finders Homes will allow the Crescent Homes
Team to build upon an already successful track record and provide
us with a tremendous platform for growth. I am truly excited to
join forces with a team who is so closely aligned with our core
values, operating philosophy and commitment to professional growth
and development. With Dream Finders’ access to the public capital
markets, diverse operational expertise, and history of successful
homebuilder integration, we are confident that we will be able to
achieve superior operational performance and take the company to
new heights.”
Crescent Homes was founded in 2009 by Ted Terry and builds
single-family homes in the South Carolina markets of Charleston and
Greenville, and in Nashville, Tennessee. Since inception, Crescent
has closed approximately 5,000 homes. Crescent serves entry-level,
as well as first and second-time move-up homebuyers with price
points starting in the low-$300,000s, and has over 25 active
selling communities.
DFH funded the transaction with cash on hand and borrowings
under its existing senior unsecured revolving credit facility.
Simultaneously with the acquisition closing, DFH paid off
Crescent’s vertical lines of credit associated with the assets
acquired.
About Dream Finders Homes, Inc.
Dream Finders Homes (NYSE: DFH) is a homebuilder based in
Jacksonville, FL. Dream Finders Homes builds single-family homes
throughout the Southeast, Mid-Atlantic and Midwest, including
Florida, Texas, North Carolina, South Carolina, Georgia, Tennessee,
Colorado, and the Washington, D.C. metropolitan area, which
comprises Northern Virginia and Maryland. Through its financial
services joint ventures, DFH also provides mortgage financing and
title services to homebuyers. Dream Finders Homes achieves its
industry-leading growth and returns by maintaining an asset-light
homebuilding model. For more information, please visit
www.dreamfindershomes.com.
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements” under the federal securities laws.
These forward-looking statements are intended to be covered by the
safe harbors created by the Private Securities Litigation Reform
Act of 1995. When we use words such as “anticipate,” “intend,”
“plan,” “believe,” “estimate,” “expect,” or similar expressions, we
do so to identify forward-looking statements. These forward-looking
statements regarding future events include, but are not limited to,
the expected timetable, and our ability, to close and fund the
Crescent acquisition, the number of homes and finished lots to be
acquired at closing, the number of selling communities at and after
closing, capital investment in new markets, standing in the South
Carolina and Tennessee markets, expectations for employees, the
ability to integrate the Crescent acquisition and to achieve the
expected operational and financial benefit of such acquisition and
the timing of such benefits; and market conditions and possible or
assumed future results of operations, including statements
regarding the Company’s strategies and expectations as they relate
to market opportunities and growth. All forward-looking statements
are based on Dream Finders Homes’ beliefs as well as assumptions
made by and information currently available to Dream Finders Homes.
These statements reflect Dream Finders Homes’ current views with
respect to future events and are subject to various risks,
uncertainties, and assumptions. These risks, uncertainties and
assumptions are discussed in Dream Finders Homes’ Annual Report on
Form 10-K for the year ended December 31, 2022, and other filings
with the U.S. Securities and Exchange Commission. Dream Finders
Homes undertakes no obligation to update or revise any
forward-looking statement except as may be required by applicable
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240201944642/en/
Investor Contact: investors@dreamfindershomes.com
Media Contact: mediainquiries@dreamfindershomes.com
Dream Finders Homes (NYSE:DFH)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Dream Finders Homes (NYSE:DFH)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024