NVR, Inc. Purchases Pittsburgh, PA Builder, Heartland Homes
RESTON, Va., Jan. 2, 2013
RESTON, Va., Jan. 2, 2013 /PRNewswire/ --NVR, Inc. (NYSE: NVR) today
announced that on December 31, 2012, NVR completed the acquisition of
substantially all of the assets of Heartland Homes, Inc., the second largest
homebuilder in Pittsburgh, Pennsylvania.
For the year ended December 31, 2012, Heartland Homes closed approximately 400
homes. The company is currently active in 36 communities throughout the
Pittsburgh metropolitan area, one community in Monongalia, West Virginia and
one community in Raleigh, North Carolina.
Heartland Homes markets primarily to move-up, discretionary homebuyers and has
developed outstanding brand recognition in Pittsburgh. NVR will continue to
market under the Heartland Homes name, which is a strong compliment to NVR's
Ryan Homes business. Ryan Homes primarily serves 1^st time and 1^st time
move-up homebuyers in the Pittsburgh market.
Heartland's operating strategy, which includes pre-selling homes and
purchasing finished lots from land developers, is consistent with NVR's "asset
light" business model. In addition, NVR intends to expand the size of
Heartland's business within the Pittsburgh market as the housing recovery
continues over the next several years.
Heartland Homes was founded in 1984 by Alan "Gus" Gillespie. Gus is the
son-in-law of the late Ed Ryan, Founder of Ryan Homes in 1948. Gus' son,
Edward Martin "Marty" Gillespie, became President of Heartland Homes in 2005.
Marty will continue to manage the Heartland business.
NVR, Inc. operates in two business segments: homebuilding and mortgage
banking. The homebuilding unit sells and builds homes under the Ryan Homes,
NVHomes, Fox Ridge Homes and Heartland Homes trade names, and operates in
twenty-seven metropolitan areas in fifteen states. For more information about
NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com,
www.nvhomes.com, www.foxridgehomes.com and www.heartlandcustomhomes.com.
Some of the statements in this release made by the Company constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Certain, but not necessarily all, of such forward-looking statements can be
identified by the use of forward-looking terminology, such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the negative thereof
or other comparable terminology. All statements other than of historical
facts are forward-looking statements. Forward-looking statements contained in
this document include those regarding market trends, NVR's financial position,
business strategy, the outcome of pending litigation, investigations or
similar contingencies, projected plans and objectives of management for future
operations. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results or
performance of NVR to be materially different from future results, performance
or achievements expressed or implied by the forward-looking statements. Such
risk factors include, but are not limited to the following: general economic
and business conditions (on both a national and regional level); interest rate
changes; access to suitable financing by NVR and NVR's customers; increased
regulation in the mortgage banking industry; the ability of our mortgage
banking subsidiary to sell loans it originates into the secondary market;
competition; the availability and cost of land and other raw materials used by
NVR in its homebuilding operations; shortages of labor; weather related
slow-downs; building moratoriums; governmental regulation; fluctuation and
volatility of stock and other financial markets; mortgage financing
availability; and other factors over which NVR has little or no control. NVR
undertakes no obligation to update such forward-looking statements except as
required by law.
SOURCE NVR, Inc.
Contact: Dan Malzahn +1-703-956-4204
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