RTTNews | Oct 5, 2021 07:28AM EDT

07:27 Tuesday, October 5, 2021 (RTTNews.com) - Dream Finders Homes, Inc. (DFH) announced Tuesday that it has acquired certain assets of privately held homebuilder McGuyer Homebuilders, Inc. for $471 million in cash at closing, subject to post-closing adjustments.

The deal includes the homebuilding, mortgage banking and title insurance assets of McGuyer. The assets acquired include 1,850 home sites, a backlog of 1,845 homes with a value in excess of $1 billion and 5,500 lots under control.

As a result of the acquisition, DFH will own or control over 40,000 lots.

DFH expects the acquisition to significantly increase its geographic operations in the Austin metro area. The deal will also allow DFH to expand into Texas markets of Houston, Dallas and San Antonio.

The backlog of 1,845 units in the deal are expected to generate revenues in excess of $1 billion over the next 12 to 18 months. The majority of the assets acquired are homes under construction, which are anticipated to be delivered from the period immediately after closing and over the next 270 days.

During a second closing in the fourth quarter of 2021, DFH expects to acquire MHI's model home portfolio of 90 units with an estimated retail value of $65 million.

Following the deal, MHI's CEO and all of their employees will remain with the combined company and continue to operate the existing and new home communities under the Coventry Homes brand.

Read the original article on RTTNews ( https://www.rttnews.com/3230502/dream-finders-homes-buys-certain-assets-of-mcguyer-homebuilders-for-471-mln-cash.aspx)

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