Hyde Park Capital Announces Sale of New Homes Realty to Alta Communications
Tampa, Florida - April 18, 2006 - Hyde Park Capital Advisors, LLC is pleased to announce the sale of New Homes Realty, Inc. (New Homes) to Boston-based private equity firm, Alta Communications, Inc. New Homes Realty, headquartered in Clearwater, Florida, is a leading national provider of brokerage and agency services to buyers of residential real estate. Hyde Park Capital Advisors, LLC, the investment banking subsidiary of Hyde Park Capital Partners, LLC, served as New Homes Realty's exclusive investment bank in the transaction.
Since inception and founding in 1992, New Homes Realty has specialized in assisting relocation buyers in the purchase of newly constructed homes, with a secondary emphasis on the existing home market. Led by its Chairman and Chief Executive Officer, Richard (Rick) J. Davis, New Homes has successfully developed a highly scalable and profitable business model that leverages the strength of its proprietary, web-enabled technology platform to generate and distribute leads to its own real estate broker and agent network of more than 400 sales associates. This model has enabled New Homes Realty to rapidly establish a leading national presence without the high overhead costs associated with traditional real estate brokerages and allows New Homes to easily scale to significant volume and new markets in a very cost efficient manner. For more information about New Homes Realty, visit their website at www.newhomes.com or call 727-724-9595.
"This acquisition is the next logical step in the evolution of New Homes Realty," said Rick Davis. "Alta Communications' twenty years of investment experience and its successful track record in media and telecommunications companies truly enhances New Homes Realty's potential for outstanding growth."
"The departing New Homes Realty management team has done a fantastic job positioning the company to be a leader in the residential real estate buy-side brokerage business," states Tim Dibble, Managing General Partner of Alta Communications. "We are very excited to provide the necessary resources to continue the company's growth and further enhance services to their clients."
"New Homes Realty has been a tremendously successful company, and we are pleased to have represented them in their sale to Alta Communications," said John M. McDonald III, Senior Managing Director of Hyde Park Capital Partners, LLC. "This transaction is a good deal for former New Homes' shareholders and a good deal for Alta."
About Alta Communications
Founded in 1996, Alta Communications, Inc. manages $1.5 billion in five funds, including the most recent fund, the $500 million Alta IX which closed in 2003. Alta has successfully invested to support growth and acquisitions in over 100 communications companies. The firm targets later-stage opportunities, but will consider early-stage investments particularly in the traditional media sector. Alta is based in Boston, Massachusetts. For additional information about Alta Communications, call 617-262-7700 or visit www.altacomm.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused private investment bank serving the corporate finance needs of companies primarily in Florida and the Southeast United States. Hyde Park Capital's principals have extensive transaction experience successfully executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital for companies, including equity, mezzanine and senior debt. Hyde Park Capital has significant experience in the financial services, technology, healthcare, consumer, and industrial sectors, but broadly represents outstanding growth companies in any industry. Hyde Park Capital is one of the most active investment banks in Florida and the Southeast and its principals have advised on more than 200 investment banking transactions totaling more than $6 billion in transaction value. Hyde Park Capital is headquartered in Tampa, Florida and is a member of the NASD and SIPC. For additional information about Hyde Park Capital visit www.hydeparkcapital.com or call 813-383-0202.