Abstract:
NVR, Inc., the nation's fourth-largest home builder, according to Professional Builder's 2012 Housing Giants rankings, has completed the acquisition of substantially all the assets of Heartland Homes, Inc., the second-largest builder in Pittsburgh and the 50th largest builder in the U.S.
Publication Date:
Thu, 2013-01-03 17:03
Article Image:
NVR, Inc., the nation's fourth-largest home builder, according to Professional Builder's 2012 Housing Giants rankings [1], has completed the acquisition of substantially all the assets of Heartland Homes, Inc., the second-largest builder in Pittsburgh and the 50th largest builder in the U.S. NVR closed 8,487 homes in 2011; Heartland Homes closed 402.
The move solidifies NVR's position as the top builder in the Pittsburgh market (NVR's Ryan Homes is the top builder in the market). Heartland is currently active in 36 communities throughout the Pittsburgh metropolitan area, as well as one community in both Monongalia, W.Va., and Raleigh, N.C.
In a statement [2], NVR said the Heartland Homes' business model, which targets move-up, discretionary buyers, complements Ryan Homes' business, which primarily serves first-time buyers and first-time move-up buyers in the Pittsburgh market. NVR will continue to market under the Heartland Homes name.
Heartland's operating strategy, which includes pre-selling homes and purchasing finished lots from land developers, is consistent with NVR's "asset light" business model, the compant said in the statement. In addition, NVR intends to expand the size of Heartland's business within the Pittsburgh market as the housing recovery continues over the next several years.
For more on the deal, visit:
http://phx.corporate-ir.net/phoenix.zhtml?c=78603&p=irol-newsArticle&ID=... [2]
