By Alison Rice. Standard Pacific Homes may need to add “Atlantic” to its name.
In April, the Irvine, Calif.-based company announced plans to purchase two Florida builders: Orlando-based Colony Homes and Westbrooke Homes. (Westbrooke is owned by Newmark Homes Corp., a subsidiary of Hollywood, Fla.-based Technical Olympic U.S.A.)
Standard Pacific will pay $29 million in cash and stock for Colony and $95 million in cash and debt for Westbrooke.
The acquisitions will give Standard Pacific an immediate presence in Florida: Colony and Westbrooke closed a combined 1,307 homes last year for a total of $248 million in revenue.