Dallas-based residential homebuilder Landsea Homes Corp. has agreed to acquire Arlington-based Antares Homes in a $232.2 million cash deal that will expand Landsea’s DFW presence.
Landsea CEO John Ho
Landsea Homes—which moved its HQ to Uptown Dallas from Newport Beach, California, last March—said the deal includes repayment of an anticipated $47.2 million of Antares Homes debt. The transaction is subject to customary working capital adjustments upon closing.
“Since entering Texas in 2021 and purchasing additional lots in August of last year, we’ve been searching for the right opportunity to significantly expand our presence in Texas, and today’s announcement achieves exactly that,” Landsea Homes CEO John Ho said in a statement. “Antares Homes shares our philosophy of building quality homes and providing exceptional customer service, making them the perfect addition to the Landsea Homes family.”
Antares Homes is a family-owned homebuilder with new homes throughout the Dallas-Fort Worth area, including Arlington, Burleson, Forney and other locations. Specializing in quality, energy-efficient home construction in their communities and creating life-long relationships with their homebuyers, Antares Homes has strived to become one of the best homebuilders in Dallas-Fort Worth.
“Fort Worth’s growing Chisholm Trail Parkway corridor has become an ideal location for homebuyers attracted to superior connectivity and neighborhoods that offer comprehensive communities,” Ho said. “Antares Homes is building new homes in 19 communities located in 13 unique, desirable locations across the Dallas-Fort Worth metro and provides us with the perfect opportunity to achieve more size and scale in Texas.”
Banking on the strength of the DFW housing market
Landsea Homes said it expects to fund the deal with a combination of cash and borrowings under its revolving credit facility. The transaction was unanimously approved by the board of directors for Landsea Homes, and is expected to close in early February of 2024. Upon closing of this transaction, Antares Homes employees are expected to become part of the Landsea Homes team.
“Landsea Homes’ veteran homebuilding leadership team is guided by many of the same principles that we have used to build Antares Homes. The opportunity to introduce Landsea’s High Performance Homes concept to our region and become part of one of Texas’ up and coming homebuilders makes this the perfect fit for the Antares Homes team,” Antares President Tommy McAden said in a statement.
Landsea said the DFW housing market is strong, as inventory remains limited, economic growth remains steady, and urban development continues to make DFW a vibrant metropolitan area.
Vestra Advisors served as financial adviser to Landsea Homes.
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