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Pulte Homes Announces the Acquisition of Sivage-Thomas Homes
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01/16/2005
BLOOMFIELD HILLS, Mich.--July 2, 2003--Pulte Homes (NYSE:PHM) announced today that it has acquired Sivage-Thomas Homes, headquartered in Albuquerque, New Mexico, for an undisclosed purchase price paid in cash. In 2002, Sivage-Thomas generated revenues of $149 million on closings of approximately 1,100 homes in the Phoenix and Albuquerque markets.
"We are very excited to have a builder the caliber of Sivage-Thomas joining our organization," said Richard J. Dugas, Jr., President and Chief Executive Officer of Pulte Homes. "In Phoenix, Sivage-Thomas delivered 600 homes primarily to first-time home buyers, a segment where Pulte Homes had a very small presence. The company is also the second largest builder in Albuquerque, which will be a new market penetration for Pulte Homes, and it has a small presence in Tucson where Pulte Homes already builds."
Based on its 2002 closings, Sivage-Thomas is one of the country's top 100 builders. With an average selling price of approximately $142,000, the company is focused on serving the first-time buyer segment. The company controls approximately 7,000 lots across the Phoenix, Albuquerque and Tucson markets.
"In Pulte Homes, we team with the country's largest builder and one that shares our commitment to customer satisfaction and product quality," said Michael Sivage, Chief Executive Officer of Sivage-Thomas Homes. "Pulte Homes' desire and capacity to grow in our existing markets also provides our employees with great career opportunities."
JMP Securities acted as an advisor to Sivage-Thomas Homes on the transaction.
About Pulte Homes
Pulte Homes, Inc., (www.pulte.com) based in Bloomfield Hills, Michigan, has operations in 44 markets across the United States. Under its Del Webb (www.delwebb.com) brand, the Company is also the nation's leading builder of active adult communities for people age 55 and older. Over its history, the Company has constructed more than 330,000 homes and has been named Builder of the Year for 2002 by Professional Builder magazine. Pulte Mortgage LLC is a nationwide lender committed to meeting the financing needs of Pulte Homes' customers by offering a wide variety of loan products and superior customer service.
