Scott Thorson, President of Citizens stated, “Gaining the resources of an established company like UCP will provide us with the flexibility necessary to accelerate our growth and capitalize on the long term fundamentals of our markets. UCP recognizes our significant inherent potential and we look forward to being part of an organization that is committed to fueling growth in our markets.”Summary of Expected Strategic Benefits UCP expects to benefit from added scale, increased land holdings, exposure to the high-growth Southeast markets and Citizens’ experienced team of proven operators. UCP expects the strategic acquisition will:
- Add Scale and Create Opportunities for Accelerated Growth: The acquisition of Citizens’ operating platform and land portfolio is expected to materially increase UCP’s selling communities and land inventory. Furthermore, the pending acquisition aligns with UCP’s strategy of expanding in growing, high-barrier-to-entry residential real estate markets, characterized by favorable demographic trends and positive economic indicators.
- Provide Opportunity for Sales Growth and Operational Efficiency: As part of UCP, UCP believes there will be an opportunity to increase Citizens’ transaction volume and increase certain operational efficiencies.
- Enhance Operations: UCP expects to benefit from the experience and relationships of Citizens’ principals, who have delivered many homes in Southeast markets throughout their careers with Citizens and while employed by national homebuilders. Citizens’ principals will bring to UCP deep personal and professional roots in the Charlotte, Raleigh, Myrtle Beach and Nashville markets.