The New Home Company Expands into Denver Market with acquisition of Epic Homes
The New Home Company Inc. (NYSE: NWHM) today announced its expansion into Denver, Colorado with the acquisition of Epic Homes, a unique and innovative homebuilder with a strong, well-established presence in the market. Epic President and Founder Christina Presley will remain on board as President of Epic Homes, a newly formed homebuilding division of The New Home Company.
“We are thrilled to announce our expansion into the Denver market,” said Larry Webb, Executive Chairman of The New Home Company. “Denver exhibits many of the qualities we look for in a new market including excellent quality of life, a young and vibrant population, steady job growth and rising income levels. We are even more excited about bringing Chris Presley and her team at Epic Homes into The New Home Company fold, as they take a similar approach to homebuilding as we do, with a culture built around teamwork, customer satisfaction and a passion for the business.”
NEW HOME assumed Epic’s backlog of 102 homes valued at approximately $100 million as of the closing date of February 26, 2021. In addition, NEW HOME assumed control of Epic’s land assets which include 294 owned and controlled lots, three active communities and one soon-to-be-opened community. The average selling price of Epic’s communities range from $600,000 to $1.4 million.
Leonard Miller, President and CEO added, “With the addition of Epic Homes, The New Home Company enters a very attractive market with an established operator. Not only do our two brands align, but Chris’s proven track record, deep relationships and leadership qualities are what really stood out in making our decision to enter the Denver market. In the short-term, the transaction will provide us with an immediate boost to our revenue and earnings thanks to the homes in backlog and actively selling communities. Longer-term, we view this as a great strategic move for our company as it further diversifies our geographic presence, enhances our opportunities for growth and establishes us in a market with great homebuilding fundamentals.”
“I am so excited to be joining our Epic family with the amazing team at The New Home Company,” said Epic President and Founder Chris Presley. “The alignment of our companies’ values, vision and culture is remarkable, and will allow the Epic Homes team to continue our commitment to building homes with exceptional quality and design while upholding people and relationships as our top priority. I am sincerely grateful to our customers, homebuilding partners and incredible Epic Homes team for making Epic Homes a success, and I look forward to building upon that success together with The New Home Company.” Read More