Raleigh business gets new buyer
March 21, 2017 by Lisa
Savvy Homes, a 12-year-old company based in Raleigh, has been acquired by AV Homes.
The purchase, which is estimated at $50m, gives AV a chance to expand its presence in the Southeast, and is expected to close on April 1.
Since the 1970s, AV has transitioned from a developer into a home builder, and this is its fourth acquisition since beginning the process. In 2010, it acquired Joseph Carl Homes of Phoenix, and Roger Cregg took over as CEO in 2012, diversifying the product and positioning the company in rapidly expanding markets.
Savvy is credited with 20-plus communities that feature homes ranging in price from the high $100,000s to the mid-$500,000s. In 2015, Savvy closed on 280 homes, bringing in revenues of $80m, with the average home selling for $285,000.
Cregg notes that Savvy manages its lots, inventory and takedowns well, making it a great partner for AV in the Raleigh market.
Savvy has approximately 40 employees and a management team headed by CEO Darrell Daigre, all of whom will remain with the company. Cregg says Daigre has a good team and a strong reputation, and the Savvy employees will be an asset in the new operation. One of the reasons AV acquired Savvy was to take advantage of its knowledge of the local market.
Companies like this can benefit by creating brochures that illustrate the amenities found in their homes.