- Acquisition Expands Homebuilding
Footprint into 13 Cities, Including Dallas/Fort Worth
Metropolitan Area
- Transaction Adds 2,254 of Owned or Controlled Lots
to Landsea Homes' Portfolio
- "Continues Company Goal Toward Becoming One of
Texas'
Top Homebuilders"
DALLAS, April 2,
2024 /PRNewswire/ -- Landsea Homes Corporation
(Nasdaq: LSEA) ("Landsea Homes" or the "Company"), a publicly
traded residential homebuilder, announced today that it has
completed its previously announced acquisition of Antares Homes, a
Dallas-Fort Worth based
homebuilder, for approximately $242.5
million (subject to certain customary post-closing
adjustments) in cash, which includes repayment of an anticipated
$43.2 million of Antares Homes
debt.
"We are very pleased to finalize this transaction and
significantly expand our presence in Texas," said John
Ho, Chief Executive Officer of Landsea Homes. "This
acquisition is another step forward in our strategic expansion
plans and continues our company goal toward becoming one of
Texas' top homebuilders."
Antares Homes is currently building new homes in 19 communities
located in 13 locations throughout the Dallas-Fort Worth area, including Fort Worth, Burleson, Crowley, Forney, Granbury, Midlothian and more. Known for specializing in
quality, energy-efficient home construction and creating life-long
relationships with their homebuyers, Antares Homes has continually
strived to become one of the best homebuilders in Dallas-Fort Worth. With the closing of this
transaction, most of Antares Homes' employees are anticipated to
become part of the Landsea Homes team.
"Today is an exciting day for Antares Homes, as our team members
join the Landsea Homes family," said Tommy
McAden, President of Antares Homes. "The management team is
looking forward to the opportunity to bring Landsea Homes to our
communities and help them continue their Texas expansion."
The Dallas-Fort Worth housing
market continually ranks among the Top 100 Housing Markets in the
country, according to Realtor.com. The region's robust job market
and continued expansion demonstrate the attractiveness and
resilience of the DFW economy, and continue to attract diverse
industries and opportunities
Vestra Advisors LLC served as exclusive financial advisor to
Landsea Homes, and Latham and Watkins LLP served as their legal
counsel.
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, Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. Landsea
Homes was honored as the Green Home Builder 2023 Builder of the
Year, after being 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