CalAtlantic Homes, on the eve of the anticipated merger with Lennar Corp., on Thursday said it has acquired the home building operations of Utah-based Candlelight Homes, one of the largest privately held home builders in the Utah market. Terms were not disclosed.
Candlelight ranked #136 on the BUILDER Next 100 list for 2017, up from 147 in the prior year, with 261 closings in 2016 and revenue of approximately $96 million. As a result of the transaction, CalAtlantic will now own or control an additional 2,500 home sites across 19 communities, ten of which are actively selling. The balance of the communities are expected to open in 2019.
In connection with the acquisition, CalAtlantic has extended offers of employment to all employees of Candlelight Homes who were engaged in the company’s home building business. Zelman Partners served as exclusive investment banker to Candlelight Homes.
“Candlelight Homes has built a reputation for offering innovative, beautiful home designs in locations where discerning homebuyers want to live,” said Dave Prolo, Utah Division President for CalAtlantic Homes. “This acquisition provides CalAtlantic with a diverse portfolio of home sites, which accommodate homes ranging from 1,100 to 4,000 square feet located throughout northern Utah County, Salt Lake County and southern Davis County. This exciting acquisition aligns with CalAtlantic’s commitment to provide exceptional home ownership opportunities to buyers across the home buying spectrum.”
“Utah’s strong economy offers a tremendous opportunity for CalAtlantic to expand upon the success Candlelight Homes has already achieved in the Salt Lake City market,” said Joe Salisbury, Partner of Candlelight Homes. “We are confident CalAtlantic’s core values and resources will enhance the value and expand opportunities available to Utah home buyers.”
