PulteGroup Acquires Real Estate Assets Of Dominion Homes

(RTTNews) - Home builder PulteGroup, Inc. (PHM) said Monday that it has acquired the real estate assets of Dominion Homes, that will enable the company to expand its Midwest operations into Columbus, Louisville and Lexington. Financial terms of the transaction were not disclosed.

Dominion is one of the largest builders in Columbus, Ohio, and Louisville, Kentucky, and also maintains operations in Lexington, Kentucky. In 2013, Dominion delivered about 850 homes across its three markets and recorded revenues of about $170 million.

Atlanta, Georgia-based PulteGroup noted that the acquired Dominion assets, which serve entry-level and move-up buyers, include 27 open communities in Columbus, 11 open communities in Louisville and three open communities in Lexington.

Further, Dominion CEO Keith Tomlinson, a former employee of PulteGroup, and his team will join PulteGroup.

Richard Dugas, Jr., Chairman, President and Chief Executive Officer of PulteGroup, said, "In purchasing Dominion's real estate portfolio, we acquired a number of well-located communities and immediately establish PulteGroup among the top builders in three new markets: Columbus, Louisville and Lexington, two of which are top 50 homebuilding markets in the U.S. Dominion's land pipeline expands our Midwest operations into three top metro markets, and gives us a great platform for further investment and growth."

PulteGroup expects the transaction to be accretive to its earnings and overall returns on invested capital, while recording little, if any, goodwill.

PHM closed Friday's trading at $19.09, down $0.03 or 0.16 percent on a volume of 3.19 million shares.