New Home acquires homebuilder Epic Homes

New Home Co. Inc.'s wholly owned subsidiary bought the entire membership interests of Denver-based residential homebuilder Epic Cos., also known as Epic Homes, for approximately $8.4 million through cash on hand.

TNHC Colorado Inc. paid $6.9 million upon deal closing to CDP Holdings LLC and Epic President and Founder Christina Presley, who will continue as president of Epic Homes.

The remaining balance will be paid in future installments. The purchase price is subject to adjustment based on the net book value of the company's assets at closing and certain other obligations.

New Home also paid about $24 million of Epic's third-party debt and acquired lots from a third party for approximately $4.3 million.

It assumed the company's backlog of 102 homes valued at approximately $100 million as of Feb. 26, as well as 294 owned and controlled lots, three active communities and one community that will soon open.