Ryland Group Inc. on Thursday said that it signed an agreement to acquire the operations and assets of Timberstone Homes in Charlotte and Raleigh, N.C.
The Westlake Village homebuilder said most of Timberstone’s work force would be offered the opportunity to continue their employment. Existing Timberstone customers will have their customer service and warranty obligations handled by Ryland under an agreement with Timberstone.
The acquisition gives Ryland 870 additional lots and homes for future sales, 154 homes currently sold or under construction for delivery and 17 model homes. Earlier this year, Ryland purchased significant land assets from Westport Homes in Indianapolis, Ind., which includes 504 lots.
“We are pleased to announce this acquisition, in addition to our earlier purchase of the Indianapolis assets, which is consistent with our strategy of building on our existing market experience, while at the same time, leveraging the talent from another highly reputable homebuilder,” said Chief Executive Larry Nicholson in a statement.
Ryland expects the transaction to close in the next 10 days.
Shares were down 51 cents, or 2 percent, to $22.82 on the New York Stock Exchange.