Dominion Homes Completes Merger Transaction
Homebuilder Will Utilize Its Strong Financial Foundation to Focus on Growth and Acquisitions
Dublin, OH (PRWEB) June 11, 2008 -- Dominion Homes, Inc., a homebuilder serving Ohio, Indiana and Kentucky, today announced that it has completed the merger transaction that was approved by its shareholders at a special meeting on May 30, 2008. The company's new principal equity owners are an investment group comprised of Silver Point Capital, L.P. and Angelo Gordon & Co, L.P., Dominion's primary lenders, and BRC Properties Inc., which is controlled by Dominion Chairman and Chief Executive Officer Douglas G. Borror.
Dominion, which will maintain its corporate office in Dublin, Ohio, will continue to be led by Mr. Borror and William G. Cornely, Chief Operating Officer. The homebuilder, which employs approximately 200 team members, will continue to serve the Ohio, Kentucky and Indiana markets while seeking opportunities to expand into other markets. Dominion begins its new operation as a private company, in full compliance with the terms and covenants of its credit facilities. It has been capitalized by a new investor group with substantial financial resources, with the balance being minimal third party debt.
"Through this transaction, we have significantly strengthened Dominion's balance sheet and positioned the company as a platform on which to grow both internally and through acquisitions," said Douglas G. Borror, Chairman and Chief Executive Officer. "The company will now look to leverage its presence in its core homebuilding markets of Ohio, Kentucky and Indiana and enter new markets. Our post-merger capital structure and the strong capital base of our supportive investors position Dominion as one of the strongest builders in its core markets."
About Dominion Homes
Dominion Homes builds a variety of new homes and condominiums in Columbus, Ohio and Louisville and Lexington, Kentucky, which are differentiated by a variety of designs, size, price, included features and available options. The company's community development and home building philosophy focuses on providing its customers with unsurpassed location, quality construction, brand name materials and customer service. The company currently has 58 active communities in the Central Ohio and Louisville and Lexington, Kentucky markets. Additional information about the company and its new homes is located on its website at www.dominionhomes.com. Dominion. It's your home.
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