The Jacksonville, Florida-based homebuilder Dream Finders Homes Inc. (NYSE: DFH) has acquired the core homebuilding assets of privately held homebuilder, Crescent Ventures LLC.
The financial terms of the deal were not disclosed, although the companies noted the transaction was funded by Dream Finders with cash on hand and borrowings under its existing senior unsecured revolving credit facility. Crescent’s assets include 457 homesites in varying stages of construction, a sales order backlog of approximately 460 homes with a value in excess of $265 million, and approximately 6,200 lots under control.
Dream Finders stated the deal will allow it to expand into Nashville and the South Carolina markets of Charleston and Greenville.
“We are excited about this acquisition and our partnership with Crescent’s founder and CEO, Ted Terry, and the Crescent Homes team,” said Patrick Zalupski, Dream Finders’ chairman and CEO. We are impressed by Ted’s vision and his ability to deliver high-quality homes with exemplary craftsmanship over the past 15 years, growing from their headquarters in Charleston to the equally desirable housing markets of Greenville and Nashville. Our access to capital and efficient operations will enable Crescent to grow faster and achieve significant scale in each market. This transaction enhances our geographic reach and strategically diversifies our operations into three new metropolitan areas. We are looking forward to welcoming the Crescent team to the Dream Finders family.”