The New Home Company Expands into Denver Market
March 01 2021 - 6:00AM
Business Wire
The New Home Company Inc. (NYSE: NWHM) today announced its
expansion into Denver, Colorado with the acquisition of Epic Homes,
a unique and innovative homebuilder with a strong, well-established
presence in the market. Epic President and Founder Christina
Presley will remain on board as President of Epic Homes, a newly
formed homebuilding division of The New Home Company.
“We are thrilled to announce our expansion into the Denver
market,” said Larry Webb, Executive Chairman of The New Home
Company. “Denver exhibits many of the qualities we look for in a
new market including excellent quality of life, a young and vibrant
population, steady job growth and rising income levels. We are even
more excited about bringing Chris Presley and her team at Epic
Homes into The New Home Company fold, as they take a similar
approach to homebuilding as we do, with a culture built around
teamwork, customer satisfaction and a passion for the
business.”
NEW HOME assumed Epic’s backlog of 102 homes valued at
approximately $100 million as of the closing date of February 26,
2021. In addition, NEW HOME assumed control of Epic’s land assets
which include 294 owned and controlled lots, three active
communities and one soon-to-be-opened community. The average
selling price of Epic’s communities range from $600,000 to $1.4
million.
Leonard Miller, President and CEO added, “With the addition of
Epic Homes, The New Home Company enters a very attractive market
with an established operator. Not only do our two brands align, but
Chris’s proven track record, deep relationships and leadership
qualities are what really stood out in making our decision to enter
the Denver market. In the short-term, the transaction will provide
us with an immediate boost to our revenue and earnings thanks to
the homes in backlog and actively selling communities. Longer-term,
we view this as a great strategic move for our company as it
further diversifies our geographic presence, enhances our
opportunities for growth and establishes us in a market with great
homebuilding fundamentals.”
“I am so excited to be joining our Epic family with the amazing
team at The New Home Company,” said Epic President and Founder
Chris Presley. “The alignment of our companies’ values, vision and
culture is remarkable, and will allow the Epic Homes team to
continue our commitment to building homes with exceptional quality
and design while upholding people and relationships as our top
priority. I am sincerely grateful to our customers, homebuilding
partners and incredible Epic Homes team for making Epic Homes a
success, and I look forward to building upon that success together
with The New Home Company.”
About The New Home Company
NWHM is a new generation homebuilder focused on the design,
construction and sale of innovative and consumer-driven homes in
major metropolitan areas within select growth markets in California
and Arizona, including Southern California, the San Francisco Bay
area, metro Sacramento and the greater Phoenix area. The Company is
headquartered in Irvine, California. For more information about the
Company and its new home developments, please visit the Company's
website at www.NWHM.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, with respect to
the impact of the Epic Homes acquisition on operations and results.
Words such as “will”, “expects,” “anticipates,” “targets,”
“envisions”, “goals,” “projects,” “intends,” “plans,” “believes,”
“opportunity,” “seeks,” “estimates,” variations of such words and
similar expressions are intended to identify such forward-looking
statements. These statements involve a number of risks and
uncertainties. Any forward-looking statements that we make herein
and in any future reports and statements are not guarantees of
future performance, and actual results may differ materially from
those in such forward-looking statements as a result of various
factors, including, without limitation, the risk that the business
of Epic Homes will not be successfully integrated as well as
factors relating to the economic environment, impact of COVID-19,
interest rates, availability of resources, competition, market
concentration, land development activities, construction defect,
product liability and warranty claims and various governmental
rules and regulations, as more fully discussed in the “Risk
Factors” section of the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020, as the same may be updated from
time to time in our subsequent filings with the Securities and
Exchange Commission. All forward-looking statements made in this
press release are made as of the date hereof, and the risk that
actual results will differ materially from expectations expressed
herein will increase with the passage of time. We undertake no duty
to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise. However, any
further disclosures made on related subjects in our subsequent
filings, releases or presentations should be consulted.
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version on businesswire.com: https://www.businesswire.com/news/home/20210301005186/en/
Investor Relations | Drew Mackintosh | 949-382-7838 |
investorrelations@nwhm.com
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