Landsea Homes - a Holding Subsidiary of Landsea Properties Expands Florida Homebuilding Portfolio by Acquiring Hanover Family Builders
(19 January 2022, Hong Kong) Landsea Green Properties Company Limited ("Landsea" or the "Company", HKEx Stock Code: 00106.HK), a leading green property development operator, is pleased to announce that its holding subsidiary, Landsea Homes Corporation ("Landsea Homes", Nasdaq: LSEA) has completed the acquisition of Hanover Family Builders (HFB), an Orlando-based homebuilder for a total consideration of US$179.2 million, subject to certain post-closing adjustments. In 2021, Hanover closed 632 homes at an average selling price of US$328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than US$200 million and 18 active communities.
"In 2021, Landsea Homes surpassed the milestone of US$1.0 billion in revenues and completed our first year as a public company. We believe our acquisition of Hanover Family Builders is another truly transformative event for Landsea Homes," said John Ho, Chief Executive Officer, Landsea Homes. "With the closing of this transaction, we have increased our lots under control by more than 40% and grown our active community count by more than 50% from our December 31, 2021 year end. This transaction vaults Landsea Homes into one of the leading positions in the Orlando area, a very attractive homebuilding market, and reaffirms our strategy of quickly becoming one of the top homebuilders in the markets we serve. Additionally, Hanover's focus on the more affordable segments of the market aligns strongly with our broader product positioning goals."
Ho continued, "With more than 469 homes in backlog as of December 31, 2021 at an attractive margin profile, we expect that our acquisition of Hanover Family Builders to have an immediate impact to our earnings in 2022 and help drive our return on equity to approximately 20% given Hanover's land light strategy of approximately 40% owned and 60% controlled. Thanks to the structuring of this deal, and the well capitalized nature of our balance sheet, our leverage ratios remain in good shape following the closing of the transaction, with a pro-forma debt-to-total capital ratio as of December 31, 2021, of approximately 43% and a net-debt-to-total capital ratio below 33%, as calculated by our credit agreement."
Founded in 2017 by brothers Matt, Steve and Andrew Orosz and homebuilding veteran Colby Franks, Hanover Family Builders began with nine communities in the Orlando region, in Osceola, Lake and Polk counties. Prior to founding Hanover Family Builders, Bill Orosz and the Orosz family has had a long homebuilding history in Florida, creating Royal Oak Homes in 2011, which the family sold in 2014. The Orosz family also formed Cambridge Homes in the 1990s before selling it in 2005, when it was one of Central Florida's largest private homebuilders. Over the decades, the various companies have received numerous accolades for their growth rate, customer service and commitment to the community.
"Hanover Family Builders has established a great reputation for providing wonderful homes and outstanding customer service across Central Florida," said Ho. "Given their strong track record, local market knowledge and long-standing relationships, we believe that Hanover will play an integral role as we expand in this region."
Landsea Homes entered the Florida housing market earlier this year, with the acquisition of Vintage Estate Homes. With that purchase, Landsea Homes began providing homes in the Orlando area, including Palm Bay, Palm Coast, Ormond Beach, Lake Helen, Sorrento, Merritt Island and DeBary.
"We were very impressed with Landsea Homes' strategic approach and commitment to building great homes with top-tier customer service - values that closely align with ours," said Hanover Family Builders Co-President, Steve Orosz. "Their senior leadership team is experienced and thoughtful, and they have created a culture of integrity that is dedicated to ensuring they provide best-in-class homes in each of their markets. We are honored to join one of the homebuilding industry's rising stars."
Central Florida remains one of the nation's strongest housing markets, and that is forecasted to continue in 2022, according to Realtor.com. They reported on Dec. 1 that home sales are expected to increase 8.8% year-over-year and prices rising a predicted 5.4% year-over-year in 2022. The rise in remote work and the desire to live in a resort-style environment continue to spur new home sales. The region consistently ranks among the nation's leaders in job growth, due to an increase not only in leisure and hospitality workers, but also in professional and business services, education and health services.
In just eight short years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets including Arizona, Northern and Southern California, Texas and Florida. Last year, Landsea Homes' net new home orders increased 294%, and total homes delivered increased 156%, over the previous year.
Ho concluded, "Our mission is to create a best-in-class homebuilding company that focuses on delivering high-quality homes at a great value to our customers, while providing superior customer service. Hanover Family Builders fits perfectly into that mission and we are excited to welcome them into the Landsea Homes family."
For more information about Landsea Homes, visit http://www.landseahomes.com.
About Landsea Green Properties Co., Ltd.
Landsea Green Properties Co., Ltd. (Stock Code: 0106.HK) is a leading green property development operator in China. It has been implementing a green product-centered and differentiated development strategy since 2004 and one of the Top 100 Chinese Real Estate Enterprises for eleven consecutive years. The company's business network covers all major economic regions of China as well as the first-tier and second-tier cities in the United States.
Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Newport Beach, CA. As a subsidiary of Landsea Green Properties, Landsea Homes designs and builds best-in-class homes and sustainable master-planned communities in some of the most desirable markets in the United States. It has developed homes and communities in New York, Boston, New Jersey, Arizona, Florida, Texas and throughout California in Silicon Valley, Los Angeles and Orange County.
(19 January 2022, Hong Kong) Landsea Green Properties Company Limited ("Landsea" or the "Company", HKEx Stock Code: 00106.HK), a leading green property development operator, is pleased to announce that its holding subsidiary, Landsea Homes Corporation ("Landsea Homes", Nasdaq: LSEA) has completed the acquisition of Hanover Family Builders (HFB), an Orlando-based homebuilder for a total consideration of US$179.2 million, subject to certain post-closing adjustments. In 2021, Hanover closed 632 homes at an average selling price of US$328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than US$200 million and 18 active communities.
"In 2021, Landsea Homes surpassed the milestone of US$1.0 billion in revenues and completed our first year as a public company. We believe our acquisition of Hanover Family Builders is another truly transformative event for Landsea Homes," said John Ho, Chief Executive Officer, Landsea Homes. "With the closing of this transaction, we have increased our lots under control by more than 40% and grown our active community count by more than 50% from our December 31, 2021 year end. This transaction vaults Landsea Homes into one of the leading positions in the Orlando area, a very attractive homebuilding market, and reaffirms our strategy of quickly becoming one of the top homebuilders in the markets we serve. Additionally, Hanover's focus on the more affordable segments of the market aligns strongly with our broader product positioning goals."
Ho continued, "With more than 469 homes in backlog as of December 31, 2021 at an attractive margin profile, we expect that our acquisition of Hanover Family Builders to have an immediate impact to our earnings in 2022 and help drive our return on equity to approximately 20% given Hanover's land light strategy of approximately 40% owned and 60% controlled. Thanks to the structuring of this deal, and the well capitalized nature of our balance sheet, our leverage ratios remain in good shape following the closing of the transaction, with a pro-forma debt-to-total capital ratio as of December 31, 2021, of approximately 43% and a net-debt-to-total capital ratio below 33%, as calculated by our credit agreement."
Founded in 2017 by brothers Matt, Steve and Andrew Orosz and homebuilding veteran Colby Franks, Hanover Family Builders began with nine communities in the Orlando region, in Osceola, Lake and Polk counties. Prior to founding Hanover Family Builders, Bill Orosz and the Orosz family has had a long homebuilding history in Florida, creating Royal Oak Homes in 2011, which the family sold in 2014. The Orosz family also formed Cambridge Homes in the 1990s before selling it in 2005, when it was one of Central Florida's largest private homebuilders. Over the decades, the various companies have received numerous accolades for their growth rate, customer service and commitment to the community.
"Hanover Family Builders has established a great reputation for providing wonderful homes and outstanding customer service across Central Florida," said Ho. "Given their strong track record, local market knowledge and long-standing relationships, we believe that Hanover will play an integral role as we expand in this region."
Landsea Homes entered the Florida housing market earlier this year, with the acquisition of Vintage Estate Homes. With that purchase, Landsea Homes began providing homes in the Orlando area, including Palm Bay, Palm Coast, Ormond Beach, Lake Helen, Sorrento, Merritt Island and DeBary.
"We were very impressed with Landsea Homes' strategic approach and commitment to building great homes with top-tier customer service - values that closely align with ours," said Hanover Family Builders Co-President, Steve Orosz. "Their senior leadership team is experienced and thoughtful, and they have created a culture of integrity that is dedicated to ensuring they provide best-in-class homes in each of their markets. We are honored to join one of the homebuilding industry's rising stars."
Central Florida remains one of the nation's strongest housing markets, and that is forecasted to continue in 2022, according to Realtor.com. They reported on Dec. 1 that home sales are expected to increase 8.8% year-over-year and prices rising a predicted 5.4% year-over-year in 2022. The rise in remote work and the desire to live in a resort-style environment continue to spur new home sales. The region consistently ranks among the nation's leaders in job growth, due to an increase not only in leisure and hospitality workers, but also in professional and business services, education and health services.
In just eight short years, Landsea Homes has grown into one of the premier national homebuilders, with a strong and successful presence in each of their key markets including Arizona, Northern and Southern California, Texas and Florida. Last year, Landsea Homes' net new home orders increased 294%, and total homes delivered increased 156%, over the previous year.
Ho concluded, "Our mission is to create a best-in-class homebuilding company that focuses on delivering high-quality homes at a great value to our customers, while providing superior customer service. Hanover Family Builders fits perfectly into that mission and we are excited to welcome them into the Landsea Homes family."
For more information about Landsea Homes, visit http://www.landseahomes.com.
About Landsea Green Properties Co., Ltd.
Landsea Green Properties Co., Ltd. (Stock Code: 0106.HK) is a leading green property development operator in China. It has been implementing a green product-centered and differentiated development strategy since 2004 and one of the Top 100 Chinese Real Estate Enterprises for eleven consecutive years. The company's business network covers all major economic regions of China as well as the first-tier and second-tier cities in the United States.
Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Newport Beach, CA. As a subsidiary of Landsea Green Properties, Landsea Homes designs and builds best-in-class homes and sustainable master-planned communities in some of the most desirable markets in the United States. It has developed homes and communities in New York, Boston, New Jersey, Arizona, Florida, Texas and throughout California in Silicon Valley, Los Angeles and Orange County.
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