Beazer Homes USA To Buy Venture Homes In Atlanta For About $65 Mln

(RTTNews) - Beazer Homes USA Inc. (BZH) said it agreed to acquire Venture Homes, a private homebuilder in Atlanta, for about $65 million.

Venture Homes was founded by CEO and President Robert White Sr. in 1984, and has delivered more than 6,000 homes during its 34 year history. Over the last 12 months, Venture Homes generated $69.9 million of homebuilding revenue from 277 closings with an average selling price of $252.2 thousand.

The Venture assets to be acquired by Beazer include more than 1,000 lots located in 9 active communities and 18 future communities principally serving first time and first move-up homebuyers. The transaction also includes substantial construction work in process as well as 51 homes in backlog.

The parties expect the transaction to close promptly upon the satisfaction of customary closing conditions.

Beazer also pre-released the following preliminary results for its fiscal 2018 third quarter: Homebuilding revenue of $507.0 million, provided by 1,391 home closings and an average selling price of $364.5 thousand;New home orders of 1,450, based on an average community count of 157 and sales per community per month of 3.1 Dollar value of backlog of $920.7 million, resulting from 2,371 homes in backlog and with an average price of $388.3 thousand.

For fiscal 2019, the company expects earnings per share to be above $2.50, double-digit growth in Adjusted EBITDA, further reductions in outstanding debt.

The company said it will announce its final results for the fiscal 2018 third quarter when it issues its earnings release after market close on July 26, 2018.