LF Capital Acquisition Corp. and Landsea Homes Announce Closing of Business Combination

SummerHill Homes, The Landmark, Pacific Urban Residential, Marcus & Millichap, Sunnyvale

– Business Combination Introduces One of the Nation’s Fastest-Growing Homebuilders as a  Publicly Listed Company

New York, NY, January 7, 2021 — LF Capital Acquisition Corp. (NASDAQ: LFAC) (“LF Capital”) 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” (“Landsea”) and its common  stock and warrants will begin trading on The Nasdaq Stock Market (“Nasdaq”) 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.” 


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. 

An award-winning homebuilder that builds suburban, single-family detached and attached homes, mid-and  high-rise properties, and master-planned communities, Landsea Homes is known for creating inspired places  that reflect modern living and provides homebuyers the opportunity to “Live in Your Element.” Our homes  allow people to live where they want to live, how they want to live – in a home created especially for them.  

Driven by a pioneering commitment to sustainability, Landsea Homes’ High Performance collection  features homes that are responsibly designed to take advantage of the latest innovations with home  automation technology supported by Apple®. Homes in this collection include features that make life easier  and provide energy savings that allow for more comfortable living at a lower cost through sustainability  features that contribute to healthier living for both homeowners and the planet.  

Our Garrett-Walker collection offers unique, affordably priced and value-based single-family homes in some  of the nation’s fastest growing and most desirable markets. Homebuyers enjoy the confidence of owning a  quality home that provides lasting value. One of the most trusted brands in the region, this collection  continues to attract everyone from first-time homeowners to those seeking more room for their growing  families. 

Led by a veteran team of industry professionals who boast years of worldwide experience and deep local  expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees and  stakeholders by creating an unparalleled lifestyle experience that is unmatched. 

For more information on Landsea Homes, visit: www.landseahomes.com.  

Forward Looking Statements 

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions  of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the  words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,”  “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions  (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 

These forward-looking statements are not guarantees of future performance, conditions or results, and  involve a number of known and unknown risks, uncertainties, assumptions and other important factors,  many of which are outside LF Capital’s management’s control, that could cause actual results or outcomes  to differ materially from those discussed in the forward-looking statements. Important factors, among others,  that may affect actual results or outcomes include: changes in taxes, governmental laws, and regulations;  competitive product and pricing activity; difficulties of managing growth profitably; the loss of one or more  members of Landsea’s management team; failure of Landsea to maintain the listing of its securities on  Nasdaq; failure to realize the anticipated benefits of the transaction; uncertainty as to the long-term value of  Landsea’s common stock; and those discussed under the heading “Risk Factors” in the proxy statement  relating to the business combination filed by LF Capital with the Securities Exchange Commission (the  “SEC”), as may be updated from time to time by Landsea’s filings with the SEC. There may be additional  risks that Landsea presently does not know or it currently believes is immaterial that could also cause actual  results to differ from those contained in the forward-looking statements. Landsea undertakes no obligation  to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as  representing Landsea or Landsea Homes’ assessments as of any date subsequent to the date of this  communication. 

West Coast Commercial Real Estate News