Irvine, Calif.-based Standard Pacific Corp. agreed to acquire Jacksonville, Fla.-based Coppenbarger Homes, in an all-cash transaction. This is the fourth Florida builder that Standard Pacific has acquired in the past two years.
Stephen J. Scarborough, Standard Pacific's CEO, stated: "This acquisition will compliment our recent expansion in the Southeast, where we are projected to generate nearly 3,800 deliveries in 2004 with revenues of $700 million." Standard Pacific earned $2 billion in gross revenues from 6,265 closings in 2002.
Coppenbarger Homes, founded by Ron Coppenbarger in 1984, is one of the top 10 builders in northeast Florida. The Florida Homebuilder's Association named Coppenbarger its 2003 "Builder of the Year" in recognition of his significant and lasting contributions to the home building industry -- the second-largest industry in Florida.
Scarborough stated that, "We are pleased to be entering the Jacksonville market with a builder of the caliber and reputation of Coppenbarger Homes. Jacksonville is one of the nation's 25 largest home building markets, with over 10,000 new home starts annually and fits well with our emphasis on expanding into large markets with long-term growth potential."
As of Sept. 30, 2003, Coppenbarger Homes owned or controlled approximately 1,675 buildable lots. The company expects to deliver approximately 450 homes with revenues of $100 million for the year ended Dec. 31, 2004.
Ron Coppenbarger commented that he chose to team up with Standard Pacific because Standard Pacific would allow Coppenbarger Homes to grow in a manner consistent with the vision he had established for the company.