DENVER BUSINESS JOURNAL - A Colorado homebuilder said it will merge with a California builder in a deal valued at $336 million.
Century Communities Inc. (NYSE: CCS) of Greenwood Village said it will merge with UCP Inc. (NYSE: UCP) of San Jose, California to create a combined company that will have an equity market capitalization of more than $700 million and an enterprise value of more than $1.3 billion. It will have operations in 10 states, 17 markets, with 117 communities. States where it will have operations include California, Colorado, Georgia, Nevada, North Carolina, South Carolina, Tennessee, Texas, Utah and Washington.
"UCP’s highly complementary land positions combined with Century’s existing portfolio creates a diverse national growth platform and footprint," said Dale Francescon, co-CEO of Century, in a statement. Francescon serves as co-CEO with his brother Rob.
Last year, Century Communities was ranked the ninth-fastest growing company in the state by the Denver Business Journal, with revenues growing by more than 222 percent from 2013 to 2015.
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