In July 2015, AV Homes, Inc. completed an acquisition of the homebuilding assets of Bonterra Builders, LLC, a leading homebuilder in the Greater Charlotte, North Carolina, market. Faegre Baker Daniels served as primary outside counsel to AV Homes, a publicly traded national homebuilder backed by TPG Capital. The transaction was valued at approximately $100 million, including future earn-out payments that will be paid to the sellers only if the acquired business is successful at achieving its earnings goals.
The purchase of Bonterra has established AV Homes as one of the largest homebuilders in the Charlotte area and complements its growing presence there. FaegreBD worked closely with AV Homes' general counsel to manage the entire process, including overseeing the work of local real estate counsel in North Carolina and South Carolina.