Construction M&A » By The Online Investor Staff, updated Thu., May. 2, 1:32 AM
Recent mergers and acquisitions in the Construction M&A category.
Slide #16. UCP, Inc — Citizens Homes
Acquirer: |
UCP, Inc (UCP) |
Acquiree: |
Citizens Homes |
Details: |
UCP, Inc. (NYSE:UCP) ("UCP"), a San Jose, California-based homebuilder and land developer, today announced its planned entry into the Charlotte, Raleigh, Myrtle Beach and Nashville markets through an agreement to acquire all or substantially all of the assets of Citizens Homes, Inc. ("Citizens"). Citizens is a privately held homebuilder with operations in select growth markets in the Southeast. The purchase price, estimated to be approximately $15 million, is based on the total assets of Citizens at the closing of the acquisition, less cash and cash equivalents, and less certain assumed trade payables. In addition, Citizens is eligible to receive earnout payments from UCP of up to $6 million in the aggregate based on performance over the next five years. The acquisition, which is expected to close during the second quarter of 2014, will expand UCP's geographic presence and advance its long-term growth strategy. |
UCP is a holding company and its sole material asset is its equity interest in UCP, LLC. Co. is a homebuilder and land developer with a focus on residential land acquisition, development and entitlement, as well as home design, construction and sales. Co. operates in the states of California, Washington, North Carolina, South Carolina and Tennessee. Co. designs, constructs and sells single-family homes through Benchmark Communities, LLC, its wholly owned homebuilding subsidiary. Co. has segmented its operating activities into two geographical regions and has homebuilding reportable segments and land development reportable segments in the West and Southeast.
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May 2, 2024 1:32 AM Eastern
Hold (2.00 out of 4)
100th percentile
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