- Continues Company Goal Toward Becoming One of Texas' Top Homebuilders
- Acquisition Expands Homebuilding Footprint into
13 Cities, Including Dallas/Fort Worth Metropolitan Area
- Transaction Adds 2,298 of Owned or Controlled Lots
to Landsea Homes' Portfolio
- Increases Entry Level and High Performance Home
Offerings
- Enhances Landsea Homes' Transition to an Asset Light
Business Model
DALLAS, Jan. 9, 2024
/PRNewswire/ -- Landsea Homes Corporation (Nasdaq: LSEA) ("Landsea
Homes" or the "Company"), a publicly traded residential
homebuilder, announced today that it has entered into a definitive
agreement to acquire Antares Homes, a Dallas-Fort Worth based homebuilder. The
transaction, once completed, will expand Landsea Homes' presence in
the Dallas/Fort Worth metropolitan
area.
"Since entering Texas in 2021
and purchasing additional lots in August of last year, we have been
searching for the right opportunity to significantly expand our
presence in Texas, and today's
announcement achieves exactly that," said John Ho, Chief Executive Officer of Landsea
Homes. "Antares Homes shares our philosophy of building quality
homes and providing exceptional customer service, making them the
perfect addition to the Landsea Homes family."
Ho added, "Fort Worth's growing
Chisholm Trail Parkway corridor has become an ideal location for
homebuyers attracted to superior connectivity and neighborhoods
that offer comprehensive communities. Antares Homes is building new
homes in 19 communities located in 13 unique, desirable locations
across the Dallas-Fort Worth metro
and provides us with the perfect opportunity to achieve more size
and scale in Texas."
Antares Homes is a local, family-owned homebuilder with new
homes throughout the Dallas-Fort
Worth area, including Arlington, Burleson, Forney and more. Known for specializing in
quality, energy-efficient home construction in their communities
and creating life-long relationships with their homebuyers,
Antares Homes has continually strived to become one of the best
homebuilders in Dallas-Fort Worth.
Landsea Homes intends to purchase Antares Homes for $232.2 million in cash, which includes repayment
of an anticipated $47.2 million of
Antares Homes debt. The transaction is subject to customary working
capital adjustments upon closing. Landsea Homes expects to fund the
transaction with a combination of cash and borrowings under its
revolving credit facility. The transaction has been unanimously
approved by the Board of Directors for Landsea Homes, and is
expected to close in early February of 2024, subject to the
satisfaction of customary closing conditions. Upon closing of this
transaction, Antares Homes employees are expected to become part of
the Landsea Homes team.
Commenting on the acquisition, Tommy
McAden, President of Antares Homes, said, "Landsea Homes'
veteran homebuilding leadership team is guided by many of the same
principles that we have used to build Antares Homes. The
opportunity to introduce Landsea's High Performance Homes concept
to our region and become part of one of Texas' up and coming homebuilders makes this
the perfect fit for the Antares Homes team."
The Dallas-Fort Worth housing
market has remained strong, as inventory remains limited, economic
growth remains steady and urban development continues making DFW a
vibrant metropolitan area. The region's robust job market and
continued expansion demonstrates the attractiveness and resilience
of the DFW economy, and continues to attract diverse industries and
opportunities. Fort Worth remains
one of the fastest-growing regions in the country.
Vestra Advisors LLC served as exclusive financial advisor to
Landsea Homes.
For more information about Landsea Homes, visit
www.landseahomes.com.
About Landsea Homes Corporation
Landsea Homes
Corporation (Nasdaq: LSEA) is a publicly traded residential
homebuilder based in Dallas, Texas
that designs and builds best-in-class homes and sustainable
master-planned communities in some of the nation's most desirable
markets. The company has developed homes and communities in
New York, Boston, New
Jersey, Arizona,
Florida, Colorado, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. Landsea
Homes was named the 2022 winner of the prestigious Builder of the
Year award, presented by BUILDER magazine, in recognition of a
historical year of transformation.
An award-winning homebuilder that builds suburban, single-family
detached and attached homes, mid-and high-rise properties, and
master-planned communities, Landsea Homes is known for creating
inspired places that reflect modern living and provides homebuyers
the opportunity to "Live in Your Element." Our homes allow people
to live where they want to live, how they want to live – in a home
created especially for them.
Driven by a pioneering commitment to
sustainability, Landsea Homes' High Performance Homes are
responsibly designed to take advantage of the latest innovations
with home automation technology supported by Apple®. Homes include
features that make life easier and provide energy savings that
allow for more comfortable living at a lower cost through
sustainability features that contribute to healthier living for
both homeowners and the planet.
Led by a veteran team of industry professionals who boast years
of worldwide experience and deep local expertise, Landsea Homes is
committed to positively enhancing the lives of our homebuyers,
employees, and stakeholders by creating an unparalleled lifestyle
experience that is unmatched.
For more information on Landsea Homes, visit:
www.landseahomes.com.
Forward-Looking Statements
Certain statements in this
press release may constitute "forward-looking statements" within
the meaning of the federal securities laws, including, but not
limited to, our expectations for future financial performance,
business strategies or expectations for our business. These
statements constitute projections, forecasts and forward-looking
statements, and are not guarantees of performance. Landsea
Homes cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over
time. Words such as "may," "can," "should," "will," "estimate,"
"plan," "project," "forecast," "intend," "expect," "anticipate,"
"believe," "seek," "target," "look," or similar expressions may
identify forward-looking statements. Specifically, forward-looking
statements may include statements relating to:
*the completion or benefits of the proposed transaction with
Antares Homes (the "Acquisition");
*the future financial performance of Landsea Homes;
*changes in the market for Landsea Homes' products and services;
and
*other expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of the press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to,
the risk factors described by Landsea Homes in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
*the ability to close the Acquisition on the anticipated
timeline, or at all;
*the ability to recognize the anticipated benefits of the
Acquisition, which may be affected by, among other things,
competition, the ability to integrate the acquired business and the
ability of the acquired business to grow and manage growth
profitably;
*costs related to the Acquisition;
*the ability to maintain the listing of Landsea Homes' securities
on Nasdaq;
*the outcome of any legal proceedings that may be instituted
against the Company;
*changes in applicable laws or regulations;
*the inability to launch new Landsea Homes products or services or
to profitably expand into new markets;
*the possibility that the Company may be adversely affected by
other economic, business, and/or competitive factors; and
*other risks and uncertainties indicated in Landsea Homes' SEC
reports or documents filed or to be filed with the SEC by Landsea
Homes.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether or not to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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SOURCE Landsea Homes