BOSTON, April 14 -- Alta Communications, a Boston-based
private equity firm formed in 1996 to focus exclusively on the media and
telecommunications industries, has acquired New Homes Realty, Inc.
(http://www.newhomes.com). New Homes Realty, Inc., based out of Clearwater,
FL, provides Buyer's Agent services for new and resale homes in 38 states
with its network of over 400 licensed real estate agents and brokers.
Joining New Homes Realty, Inc. will be Valeri Marks as President and Chief
Executive Officer and Dave Zynn as Chief Financial and Operating Officer.
"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. We are very excited to provide the necessary
resources to continue the Company's growth and further enhance services to
our clients," states Tim Dibble, Managing General Partner at Alta
Communications.
New Homes Realty, Inc.'s family of Web sites, including
http://www.newhomes.com, receives a million visitors per month and
generates thousands of homebuyer leads for its network of real estate
agents and brokers. NewHomes.com was founded by Richard J. Davis in 1992 as
New Homes Advisory in Clearwater, Florida. From the beginning, NewHomes.com
developed a specialized niche by appealing to homebuyers seeking a new
home. In 1994, the company launched one of the first real estate Web sites
on the Internet and has developed its own network of Buyer's Agents, who
are licensed real estate agents, throughout the fastest-growing new home
markets in the United States.
"This acquisition is the next logical step in the evolution of New
Homes Realty, Inc. Alta Communications' twenty years of investment
experience and its successful track record in media and telecommunications
companies truly enhances New Homes Realty, Inc.'s potential for outstanding
growth," said Richard J. Davis.
About Alta Communications
Alta Communications (http://www.altacomm.com) is a Boston-based private
equity firm formed in 1996 to focus exclusively on the media and
telecommunications industries. Currently, Alta has approximately $1.5
billion of capital under management in five limited partnerships. Limited
partners consist primarily of large pension funds and university
endowments. The investment team has more than 100 years of collective
communications experience.
About New Homes Realty, Inc.
New Homes Realty, Inc. (http://www.newhomes.com) is a Clearwater
residential real estate agency formed in 1994 to provide Buyer's Agent
services for new and resale homes currently in 38 states with its network
of over 400 licensed real estate agents and brokers. New Homes Realty also
has an extensive online media presence with over a million monthly
visitors.
Contact:
Frank Pipolo
New Homes Realty, Inc.
1-800-251-9595
frank.pipolo@newhomes.com
