Blu Homes Completes First Institutional Round of Funding, Totaling Nearly $60 Million Skagen Group Leads Latest Round of Investment; Funding will Support Blu Homes' Expansion of Sales, Marketing, New Product Innovations and Potential Acquisitions
SAN FRANCISCO and WALTHAM, Mass., Sept. 12, 2012 /PRNewswire/ -- California and Massachusetts-based green, precision homebuilder Blu Homes (www.bluhomes.com) today announced that it has completed its first institutional round of investment, totaling nearly $60 million. Institutional investment is being led by Netherlands-based Skagen Group. Blu Homes plans to use this latest round of capital to fund Blu's expansion of sales, marketing, technology development and potential acquisitions. With initial private funding, investment in Blu Homes now totals nearly $69 million since it began operation in 2008.
"This investment provides Blu Homes the resources to deliver new products and services, and to identify new geographies and potential acquisitions as we seek to deliver more Blu homes options to more customers nationwide," said Bill Haney, Blu Homes' founder and president. "We greatly value our continued relationship with Skagen Group, which has successfully helped to mount a number of other market-disrupting initiatives. These funds will be put to use expanding our sales and marketing efforts to keep pace with our technology and design innovations."
Blu Homes is America's leading designer and manufacturer of architect-designed, green, precision-built homes. Blu's homes—which feature bright, open floor plans, soaring ceilings and the latest in green and energy-saving technology—can drop a family's carbon footprint, energy use and water use by up to 70%. Customers can design their own Blu homes for free online in 3-D with the Blu Configurator.
"Blu Homes is the leader in its space and we are proud to continue fueling its forward momentum," said Loek Malmberg, Executive Chairman of the global investor, Skagen Group. "The company's vertically integrated model takes care of all aspects of building a beautiful, high quality new home, making the process quicker and more economical. This, paired with the recent increasing resale values for green homes, makes this an exciting time to build a Blu Home. Our last investment helped Blu expand its West Coast business and open a new 250,000 foot factory in Vallejo, CA, so we've seen how an investment with Blu can help bring the company to the next level." Mr. Malmberg also recently joined Blu as a member of its board of directors.
Blu's homes are built by skilled craftsmen in the company's 250,000 square-foot factory in Vallejo, CA. Once complete, the homes are installed on-site in one day and completed in as little as two weeks by Blu's teams of craftsmen. Blu's proprietary building science technology allows its homes to be folded for quick and cost-effective transportation and setting on site, making for a drastically reduced building timeline, while simultaneously allowing the homes to have taller ceilings (up to 16 feet) and spacious light-filled interiors. All of this is done at a pre-agreed, fixed cost.
About Blu Homes
Blu Homes, Inc. is the leading provider of beautiful and green precision-built homes in North America. Built in its own 250,000 square foot state-of-the-art manufacturing facility in Vallejo, California, Blu's inspired and nationally recognized homes can be found from New York to the Colorado Mountains and Pacific Coast. Blu's proprietary steel framing and building technology result in homes that are as strong as they are beautiful; that ship efficiently; and are conveniently finished on site by our own teams. Blu homes are more economical, healthier to live in, require lower maintenance, and are much stronger than conventional construction. Visit www.bluhomes.com. Blu is also the proud builder of the Sunset magazine 2012 Idea House in Healdsburg, California. For more information on the Sunset Idea House, click here.
SOURCE Blu Homes, Inc.