Scottsdale-based AV Homes said Wednesday that it has agreed to buy Charlotte-based residential builder Bonterra Builders for $96 million.
Bonterra, with 1,700 lots, more than 30 developments and 50 employees in the Charlotte market, was founded in 2001.
“This is a wonderful opportunity for our company and our employees,” said Bonterra president Darren Sutton. “We look forward to joining the team at AV Homes and working together as one of the leading homebuilders in the Greater Charlotte marketplace.”
There will be no immediate changes for Bonterra, the companies said, which will continue to operate under its current name with Sutton at the helm. Bonterra had 2014 revenue of $112 million, a figure that’s expected to grow to at least $145 million this year.