Florida home builders WCI and Lennar agree to merge

http://www.naplesnews.com/story/news/local/2016/09/22/wci-lennar-merge-home-builders/90828380/

Both of these builders are highly regarded in the area and this merger should be complete by Dec or January.

Miami-based Lennar Corp.agreed Thursday to acquire all of the outstanding shares of WCI Communities in a cash-and-stock deal that values the Bonita Springs-based builder at about $643 million in equity, or an enterprise value of $809 million.

WCI Communities

» Al Hoffman Jr. purchases Westinghouse Communities in 1995, forming a new company and retaining its initials.

» Company builds a luxury brand and expands outside Florida but suffers from recession and Chinese drywall problems. It files Chapter 11, but emerges and reorganizes in 2009.

» Second-quarter homebuilding revenues are $132 million, up 14.2 percent from previous year quarter.

Lennar

» Three partners form F&R Builders in Miami in the mid ‘50s; in 1971 two of the partners combine their first names, Leonard and Arnold, to become Lennar and take the company public.

» In 2000, Lennar acquires U.S. Home and doubles in size.

» In 2014 the company introduces Lennar Commercial to specialize in developing, managing and investing in mixed use, retail and other commercial properties.