The stock and cash transaction has a total value of $603 million, including assumption of debt. Crossmann shareholders receive a combination of cash and Beazer stock.
Crossmann, based in Indianapolis, IN, builds homes in 12 Midwest markets: Indiana, Ohio, Kentucky, Tennessee, North Carolina and South Carolina. During the year ended Dec. 31, 2001 Crossmann closed 5,924 homes and had total revenues of $798 million.
John Scheumann, Crossmann chairman and chief executive officer, and Dick Crosser, vice chairman of Crossmann, have signed one-year consulting contracts with Beazer, to help integrate the two companies, according to a prepared statement from Beazer.
UBS Warburg LLC is acting as financial advisor to Beazer Homes. Paul Hastings Janofsky & Walker LLP is acting as legal advisor. McDonald Investments Inc. is acting as financial advisor to Crossmann Communities and Ice Miller is acting as legal advisor.
UBS Warburg LLC and Banc One Capital Markets, Inc. have provided a financing commitment to fund the cash portion of the transaction.
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