Century Communities, Inc., Greenwood Village, Col. (NYSE: “CCS”) Friday announced it has completed its previously announced merger with UCP, Inc. (NYSE: “UCP”).
The aggregate transaction value was approximately $356 million, including the payment of approximately $149 million of existing UCP indebtedness. The transaction was unanimously approved by the board of directors of both Century and UCP and was also approved by UCP shareholders.
With the addition of UCP, Century’s reach now includes the states of California, Washington, Nevada, Utah, Colorado, Texas, Tennessee, Georgia, North Carolina and South Carolina. The combined company will operate in 10 states, 17 markets and 111 communities, with pro forma revenues of approximately $1.5 billion and inventories of $1.3 billion (calculated on a pro forma basis as of and for the twelve months ended June 30, 2017).
Century will benefit from increased scale through a geographically diverse portfolio including some of the most attractive home building markets in the country. UCP, and its wholly-owned subsidiary, Benchmark Communities, LLC, will transition to the Century Communities trade name, which will allow Century to provide a uniform brand to employees, customers, trade partners and the investment community and take advantage of its national scale on an expanded homebuilding platform.
