Dallas-based homebuilder Landsea Homes (Nasdaq: LSEA) is being acquired by California-based New Home Co. in a cash deal for around $1.2 billion.
The combined company will be a privately held, Top 25 national homebuilder across 10 high-growth markets.
In 2023, Landsea relocated its headquarters from Newport Beach, California, to an office building in Uptown Dallas. Last year it signed a long-term lease for an additional 14,725-square-foot office at the Tower 1320 building in Irving, which serves as the company’s Dallas-Fort Worth division headquarters.
“At Landsea Homes, our mission has always been to create sustainable, high-performance homes that offer a better way to live,” Landsea CEO John Ho said in a statemenet. “We believe this transaction with New Home will deliver immediate cash value to our stockholders at a significant premium and provide us with a strong, well-capitalized partner to accelerate our next phase of growth. We’re proud of our team and the progress we’ve made in transforming Landsea Homes over the last few years, and we’re excited about our future with New Home.”
Bringing two leading homebuilders together
The companies said the transaction brings together two leading homebuilders, each of which has strong management teams and a reputation for quality construction, differentiated platforms and an exceptional customer experience.
Together, they will offer homebuyers a diverse range of options, including single-family detached and attached residences across some of the nation’s fastest-growing markets in Texas, Arizona, California, Colorado, Florida, Oregon, and Washington.
The deal will create an asset-light, returns-focused homebuilder generating nearly 4,000 annual closings, the companies said.
New Home is a portfolio company of funds managed by affiliates of Apollo Global Management Inc.
“Our acquisition of Landsea Homes is an important next step in New Home’s long-term growth strategy,” New Home President and CEO Matthew Zaist said in a statement.
Zaist will run the combined company.
“By bringing together two highly complementary businesses and teams with shared customer-first values,” Zaist added, “we’ll further scale our platform nationally and help even more buyers realize the dream of homeownership. I look forward to continuing to partner with the talented employees from both organizations and Apollo in this next chapter.”
Peter Sinensky, partner at Apollo and a member of New Home’s board of directors, said both companies are growing.
“This transaction underscores our high conviction in the housing market opportunity and the teams at New Home and Landsea Homes,” Peter Sinensky said in a statement. “Both companies are on attractive growth trajectories individually, which will be further accelerated and augmented by this combination. We believe the companies’ shared vision as well as cultural and operational alignment is a winning formula for success, and we are pleased to continue supporting the business with Apollo’s considerable resources behind it.”
Landsea Homes designs and builds “best-in-class” homes and sustainable master-planned communities in some of the nation’s most desirable markets, including in Texas, New York, Boston, Massachusetts, New Jersey, Arizona, Colorado, Florida, and throughout California in Silicon Valley, Los Angeles, and Orange County.
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