|IRVINE, CA -- Stephen J. Scarborough, Chairman and Chief Executive Officer of Standard Pacific Corp., announced today that Standard Pacific has executed a definitive agreement to acquire Jacksonville, Florida-based Coppenbarger Homes.
Coppenbarger Homes was founded by Ron Coppenbarger in 1984 and has grown to become one of the top 10 Builders in Northeast Florida. Coppenbarger Homes is currently ranked number 259 by Professional Builder Housing Giants. In addition to serving as President of the company since its formation, Ron served the Florida Homebuilder's Association (FHBA) in various capacities, including as its State's President from 2000 to 2001. FHBA named Ron its 2003 Builder of the Year in recognition of his significant and lasting contributions to the homebuilding industry -- the second-largest industry in Florida. Coppenbarger Homes has earned a number of accolades, including Gold and Silver awards in the Northeast Florida Builder's Association annual Parade of Homes, Excel, Laurel and Aurora Awards. Ron Coppenbarger was also awarded the prestigious 2002 NFBA Dick Baker Memorial Award, for his commitment to the industry and the community. Prior to forming the company, Ron played professional football for Atlanta and Jacksonville.
As of September 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 December 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. "Standard Pacific shares many of the core values upon which Coppenbarger Homes was founded and will provide the company a solid foundation to take full advantage of our long standing relationships with local land owners and developers."
Consummation of the Coppenbarger Homes acquisition is subject to customary conditions, including receipt of all necessary consents.
Visit Standard Pacific’s website at: http://www.standardpacifichomes.com/
source: Standard Pacific website/PRNewswire-FirstCall