Benzinga | Oct 19, 2020 06:31AM EDT

D.R. Horton, Inc. Acquires the Homebuilding Operations of Braselton Homes For ~$23M In Cash

D.R. Horton, Inc. (NYSE:DHI), America's Builder, today announced the acquisition of Braselton Homes, the largest homebuilder in Corpus Christi, Texas. The homebuilding assets acquired include approximately 95 lots, 90 homes in inventory and 125 homes in sales order backlog. D.R. Horton also acquired control of approximately 840 lots through purchase contracts. For the twelve months ended September 30, 2020, Braselton closed 223 homes ($56.3 million in revenue) with an average home size of approximately 1,815 square feet and an average sales price of $253,000. D.R. Horton expects to pay approximately $23 million in cash for the purchase, and Braselton will operate as a separate division within D.R. Horton.

Donald R. Horton, Chairman of the Board, said, "We are pleased to have Braselton Homes, their local management and employees join the D.R. Horton family. Their experienced, dedicated team and well-established building operations make Braselton a great addition as we continue to expand our footprint across Texas."

Fred Braselton, President of Braselton Homes, said, "For over 70 years and 3 generations, the Braselton family has been building in the Corpus Christi Bay area. We are excited to join the largest homebuilder in the country and continue to provide quality homes to families in the Coastal Bend."