Builder buyout billed as biggest deal ever.Hovnanian Enterprises Hovnanian Enterprises, Inc. NYSE: HOV incorporated in 1967, designs, constructs, markets and sells single-family detached houses, attached townhouses and condominiums, mid-rise and high-rise condominiums, urban infill and retirement housing in the United States. , Inc. has acquired the operations of Town & Country Homes, a privately held homebuilder and land developer headquartered in Lombard, Illinois Lombard, "The Lilac Village", is a suburb of Chicago in DuPage County, Illinois. The population was 42,322 at the 2000 census. The United States Census Bureau estimated the population in 2004 to be 42,975. , for an undisclosed purchase price, paid in cash. Hovnanian--founded in 1959 by Kevork S. Hovnanian and headquartered in Red Bank, New Jersey--believes that this is the largest private homebuilder acquisition ever consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . Concurrently, Hovnanian entered into a joint venture agreement with affiliates of Blackstone Real Estate Advisors in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to own and develop Town & Country's existing communities. The acquisition provides Hovnanian with a strong initial position in the greater Chicago market, which is the 6th largest housing market in the U.S., based on 2003 new home starts. The acquisition of Town & Country also expands Hovnanian's operations into the high-growth Florida markets of West Palm Beach, Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. and Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. and bolsters Hovnanian's current presence in Minneapolis/St. Paul, which is the 10th largest housing market in the U.S. Town & Country designs, markets and sells a diversified product portfolio in each of its markets, including single family homes and attached townhomes, as well as mid-rise condominiums in Florida. The company has a broad customer base including first-time, move-up and luxury homebuyers. Town & Country was ranked the 52nd largest builder nationally in 2004 by Builder Magazine and expects to deliver approximately 2,000 homes in calendar year 2005, with total revenues of approximately $640 million. |
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