Ryland Homes announces the Acquisition of the Operations of Timberstone Homes in Charlotte and Raleigh and 504 Lots from Westport Homes in Indianapolis
CHARLOTTE, N.C.--(BUSINESS WIRE)--
The Ryland Group, Inc. today announced that it has entered into an
agreement to acquire the Charlotte and Raleigh operations and assets of
Timberstone Homes. It is anticipated that the transaction will close
within the next 10 days.
Earlier this year, Ryland also purchased significant land assets from
Westport Homes in Indianapolis, providing Ryland with an additional 504
lots for future delivery.
It is anticipated that most of Timberstone's current workforce will be
offered the opportunity to continue their employment with Ryland's
Charlotte and Raleigh teams.
In 2011, Timberstone ranked as the 9th largest builder in Charlotte. The
Timberstone acquisition provides Ryland with approximately 870
additional lots and homes for future sales, 154 homes currently sold and
under construction for delivery, and 17 professionally decorated model
"We are pleased to announce this acquisition, in addition to our earlier
purchase of the Indianapolis assets, which is consistent with our
strategy of building on our existing market experience, while at the
same time, leveraging the talent from another highly reputable
homebuilder," said Larry Nicholson, Ryland's CEO and President.
Existing Timberstone customers will have their customer service and
warranty obligations addressed by Ryland under a contractual
relationship between Ryland and Timberstone.
Headquartered in Southern California, Ryland is one of the nation's
largest homebuilders and a leading mortgage-finance company. Since its
founding in 1967, Ryland has built more than 295,000 homes and financed
more than 245,000 mortgages. The company currently operates in 13 states
across the country and is listed on the New York Stock Exchange under
the symbol "RYL". For more information, please visit www.ryland.com.
For more information, please contact Drew Mackintosh, Vice President of
Investor Relations and Communication at Drew.Mackintosh@ryland.com.
Vice President of Investor
Relations and Communication
Source: The Ryland Group, Inc.
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