NEW YORK, Jan. 07, 2021 (GLOBE NEWSWIRE) -- LF Capital Acquisition Corp. (NASDAQ: LFAC) and Landsea Homes Incorporated, a leader in the homebuilder industry, jointly announced today that they have closed their previously announced business combination (the “Business Combination”). The transaction was unanimously approved by the board of directors of LF Capital and was also approved at a special meeting of LF Capital’s stockholders on December 14, 2020.
With the closing, LF Capital has been renamed “Landsea Homes Corporation” and its common stock and warrants will begin trading on The Nasdaq Stock Market under the ticker symbols “LSEA” and “LSEAW” on January 8, 2021.
“Today is a momentous day for our company, our employees and our shareholders,” said CEO of Landsea Homes John Ho. “Landsea Homes has become one of the top homebuilders in our industry through our pioneering use of technology and home automation, commitment to sustainability and energy savings, and unmatched customer service. Our dedicated and experienced team has built Landsea to where it is today, and we are very excited for what the future holds.”
Commenting on the Business Combination, Scott Reed, director of Landsea and former CEO and President of LF Capital, stated: “We are excited to have reached this major milestone for the company and for the homebuilder industry. The proceeds raised through the transition to a publicly traded company will allow Landsea Homes to capitalize on the strong growth opportunities we see for the company over the next decade.”
Martin Tian, Founder and Chairman of Landsea Homes’ parent, Landsea Green Properties Co., Ltd., commented: “Since we first established Landsea Homes, it was our goal to be a leader in the U.S. homebuilding industry with best-in-class, sustainable communities across some of the most desirable markets in the country. Becoming a publicly listed company in the U.S. is an important next step for Landsea Homes, and we look forward to utilizing this infusion of capital to support our next chapter of growth.”
Advisors
B. Riley Securities and Raymond James & Associates, Inc. are acting as financial advisors for LF Capital. B. Riley Securities and Barclays are acting as placement agents for LF Capital. Dechert LLP is acting as legal counsel for LF Capital.
Rothschild & Co is acting as exclusive financial advisor to Landsea Homes. Gibson, Dunn & Crutcher LLP is acting as legal counsel for Landsea Homes. Barclays is acting as capital markets advisor to Landsea Homes. Gateway Group is serving as communications advisor to Landsea Homes.
About LF Capital Acquisition Corp.
LF Capital Acquisition Corp. is a blank check company that was formed in 2018 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. For more information, please visit www.lfcapital.co.
About Landsea Homes
Landsea Homes (Nasdaq: LSEA) is a California-based homebuilding company that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation’s most desirable markets. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, and throughout California in Silicon Valley, Los Angeles and Orange County.
