×

AV Homes Announces Election of New Directors

AV Homes, Inc. Logo

SCOTTSDALE, Ariz., July 28, 2014 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI), a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, announced today that Michael F. Profenius and Jonathan Pertchik have been elected to the Company's board of directors, effective as of July 25, 2014.

Mr. Profenius is currently a Senior Partner at Grove International Partners, a global private equity firm specializing in real estate investment. Mr. Profenius serves as the Head of Business Development at Grove, responsible for generating new investment opportunities globally. Prior to joining Grove, Mr. Profenius worked at Warburg Pincus LLC, where he was a Managing Director and senior member of the real estate team for 6 years, investing in commercial and residential real estate, hotel, and senior housing companies in Asia, the United States, and Europe. Mr. Profenius received a BA from Yale University.

Mr. Pertchik is currently the Chief Executive Officer of ST Residential, LLC, an owner and manager of luxury condominiums, apartment projects, hotels, and office and retail spaces. Prior to joining ST Residential, Mr. Pertchik was with WCI Communities, a luxury homebuilder and developer, from 2007 to 2010, serving as its Chief Restructuring Officer and prior to that as a Division President.

"We are pleased to welcome Michael and Jonathan to our board of directors," said Roger A. Cregg, President and Chief Executive Officer of AV Homes, Inc. "Both Michael and Jonathan bring a breadth and depth of industry experience that will be great assets to the Company as we continue to grow the business. Michael brings many years of real estate investment expertise and Jonathan great operational and financial expertise at an operative builder. We look forward to their insight and contributions."

About AV Homes, Inc.

AV Homes, Inc. is engaged in homebuilding, community development and land sales in Florida, Arizona and North Carolina. Its principal operations are conducted near Orlando, Florida, Phoenix, Arizona and Raleigh and Charlotte, North Carolina. The Company builds communities that serve active adults 55 years and older and people of all ages. AV Homes common shares trade on NASDAQ under the symbol AVHI.

CONTACT: Media Contact: Michael S. Burnett m.burnett@avhomesinc.com 480.214.7000

Source:AV Homes, Inc.