Meritage Homes (NYSE:MTH), a Scottsdale, Arizona-based homebuilder, has expanded into the Gulf Coast markets through the acquisition of Elliott Homes.
Elliott Homes operates in Mississippi, Alabama and the Florida panhandle. With this acquisition, Meritage will acquire over 5,500 lots and expects to commence production operations in existing entry-level communities in these markets before the end of the year.
The financial terms of the acquisition were not disclosed. Meritage Homes’ operations also encompass Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee.
“This acquisition provides us with a respected team and valuable assets positioned in the highly desirable markets in the Gulf Coast,” said Phillippe Lord, CEO of Meritage Homes. “This is our first acquisition since 2014 and aligns with our spec building strategy of affordable entry-level homes. We are excited to be partnering with founder and CEO Brandon Elliott and the entire Elliott team, as we welcome them into the Meritage family.”
“I am proud of the Elliott team for their incredible growth as professionals,” added Brandon Elliott. “We look forward to joining Meritage and leveraging their scale as a top five national builder to bring more affordable quality homes to the Gulf Coast markets and most importantly, add value for the homebuyer.”
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