April 25, 2014

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Oakwood Homes Acquires Henry Walker Homes

Press Release

April 25, 2014

Centerville — Denver-based Oakwood Homes has acquired the assets of Henry Walker Homes for upwards of $75 million.

Värde Partners and Mountain Real Estate Capital provided the funding for the transaction. Oakwood Homes and Henry Walker Homes began discussions in September 2013 and completed the transaction April 23.

Henry Walker Homes currently operates in Northern Colorado and Northern and Southern Utah. Oakwood Homes currently operates in the Colorado Front Range, including the Denver metro area and Colorado Springs; Omaha, Nebraska; and Northern Utah. This acquisition will mark the expansion of Oakwood Homes into Northern Utah, including Salt Lake City. Henry Walker Homes' operations in Southern Utah and Colorado will resume under a different name.

"When presented with the opportunity to acquire Henry Walker Homes, we were immediately intrigued," said Oakwood Homes founder and CEO Pat Hamill. "We were expanding into Salt Lake City, and Henry Walker is already established in Utah with a solid reputation in the area."

The operations in Utah will take place systemically over the next year. John Stubbs, the current president of Henry Walker Homes, will become president of Oakwood's Utah division. Mike Stewart will lead the integration team. Over the next year, Jason Chisholm will be vice president of operations, and James Doolin will be vice president of land acquisition.

Currently, Oakwood Homes employs 151 people, and Henry Walker Homes has 78 employees. The majority of associates are expected to remain in their current roles. JMP Securities served as exclusive financial adviser to Henry Walker Homes in connection with the transaction.

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