Pulte Homes Buys Sivage-Thomas

Pulte Homes Inc., the third-largest U.S. home builder, purchased Sivage-Thomas Homes for an undisclosed amount in cash, enabling Bloomfield Hills, Mich.-based Pulte to expand in the market for first-time buyers in the Southwest.

Sivage-Thomas generated $149 million in revenue last year on the closing of 1,100 homes in the Phoenix and Albuquerque regions, Pulte said. Pulte had sales of $7.47 billion.

Sivage-Thomas works in the first-time buyer segment. The company controls about 7,000 lots in Phoenix, Tucson and Albuquerque.

Pulte has operations in 44 markets across the U.S. and has built more than 330,000 homes.

Shares of Pulte rose 67 cents to $64.19 on the NYSE. Sivage-Thomas is a closely held company.