ATLANTA, Jan. 15, 2016 /PRNewswire/ -- PulteGroup, Inc. (NYSE: PHM) announced today completion of its previously announced agreement to acquire certain homebuilding assets of John Wieland Homes and Neighborhoods ("Wieland"), one of the country's premier builders of move-up and luxury homes, from affiliates of Wheelock Street Capital, L.L.C. and the Wieland family.
The Company expects this transaction will be immediately accretive to earnings and cash flows.
Headquartered in Atlanta, Wieland ranks among the country's 100 largest homebuilders and is a leading builder of luxury homes in Atlanta, Charleston, Charlotte, Nashville and Raleigh; all markets in which PulteGroup currently operates.
This press release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which PulteGroup operates; the availability and cost of land and other raw materials used by PulteGroup in its homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions; the availability and cost of insurance covering risks associated with PulteGroup's businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in PulteGroup's local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and other public filings with the Securities and Exchange Commission (the "SEC") for a further discussion of these and other risks and uncertainties applicable to our businesses. PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup's expectations.
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest homebuilding companies with operations in approximately 50 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb and DiVosta Homes, the Company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.
About John Wieland Homes and Neighborhoods
With a legacy dating back to 1970, John Wieland Homes and Neighborhoods currently builds in Atlanta, Charleston, Charlotte and Raleigh, and Nashville. In its four-decade history, the John Wieland Homes and Neighborhoods brand has won more than 600 awards for excellence, including National Builder of the Year, the National Housing Quality Award and the industry's top award in 2005, America's Best Builder. Widely recognized for excellence in the move-up market for its award-winning home design, quality and neighborhood planning, the John Wieland Homes and Neighborhoods portfolio offers homes and townhomes from $200,000 to over $1 million. For more information, visit www.jwhomes.com.
SOURCE PulteGroup, Inc.