PulteGroup Buys Real Estate Assets Of Dominion Homes - Quick Facts

(RTTNews) - PulteGroup, Inc. (PHM) has acquired the real estate assets of Dominion Homes, one of the largest builders in Columbus, Ohio, and Louisville, Ky. Dominion also maintains operations in Lexington, Ky. Dominion delivered nearly 850 homes across its three markets and generated revenues of about $170 million in 2013. The transaction terms were not disclosed.

PulteGroup has initially purchased about 6,500 lots owned or under option and hopes to purchase around 1,600 additional lots within the next 45 days upon completion of certain additional due diligence. The acquired Dominion assets, which serve entry-level and move-up buyers, consist of 27 open communities in Columbus, 11 open communities in Louisville and three open communities in Lexington.

Bob O'Shaughnessy, Executive Vice President and Chief Financial Officer of PulteGroup stated, "We expect this transaction to be accretive to earnings and overall returns on invested capital, while recording little, if any, goodwill. Furthermore, PulteGroup's proven Value Creation platform positions us to generate operational improvements as we build out the acquired assets."