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Hovnanian Expands Along South Carolina, Georgia Coasts
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Hovnanian expanded into the South Carolina and George coastal markets with its aquisition of CraftBuilt Homes. | Hovnanian expanded its operations into the coastal markets of South Carolina and Georgia last week with the acquisition of CraftBuilt Homes, a privately held home builder with headquarters in Bluffton, S.C.
In its fiscal year 2005, CraftBuilt Homes delivered 220 homes with revenue of approximately $42 million, Hovnanian reported in its April 17 announcement of the purchase. The company currently has approximately 100 homes in contract backlog, with a sales value of $22 million, and owns or controls some 2,800 lots throughout its markets.
With a close proximity to Hilton Head, CraftBuild sells single-family detached homes to first-time, move-up, empty-nester and retiree home buyers.
“CraftBuilt Homes has an excellent reputation of building high-quality homes in traditional neighborhood settings and has a strong track record of financial performance,” said Ava Hovnanian, president and CEO of Hovnanian Enterprises. “John Cardamone and his team maintain a focus on return on capital and have built reliable homes for more than 20 years and we look forward to building many more homes with them over the next 20 years.”
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