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D.R. Horton Acquires Classic Builders Homebuilding Operations for USD 60m
Thursday 06 December 2018

6 December 2018 - Texas, US-based home building company D.R. Horton, Inc. (NYSE: DHI) has acquired Iowa, US-based homebuilder Classic Builders, including 670 lots, 130 homes in inventory and 40 homes in sales order backlog, the company said.
D.R. Horton expects to pay approximately USD 60m in cash for the purchase, and Classic will operate as a separate division within D.R. Horton.
D.R. Horton also acquired control of approximately 550 lots through option contracts. For the 12months ended October 31, 2018, Classic closed 238 homes (USD 75m in revenue) with an average home size of approximately 1,650 square feet and an average sales price of USD 317,000.
D.R. Horton, Inc. has operations in 83 markets in 28 states across the United States and closed 51,857 homes during its fiscal year ended September 30, 2018.
The company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes with sales prices ranging from USD 100,000 to over USD 1m
Date Published: 06/12/2018
Target: Classic Builders
Country: USA
Deal Size: 60m (USD)
Sector: Construction/Real Estate
Type: Corporate acquisition
Financing: Cash
Status: Closed
Buyer: D.R. Horton