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Orlando’s Hanover Family Builders Acquired for $179M by Landsea Homes
Landsea Homes Corporation has acquired Orlando, FL-based Hanover Family Builders for $179.3 million. The deal is subject to certain post-closing adjustments plus the assumption of debt of approximately $69.3 million, which was refinanced with the company’s unsecured revolving credit facility.
Hanover closed on 632 homes in 2021 at an average selling price of $328,323 and ended the year with more than 4,100 lots under control, 469 homes in backlog worth more than $200 million and 18 active communities. The company was founded in 2017 by brothers Matt, Steve and Andrew Orosz and Colby Franks.
“With 469 homes in backlog as of December 31, 2021 at an attractive margin profile, we expect that our acquisition of Hanover Family Builders will have an immediate impact to our earnings and will drive our return on beginning equity to exceed 20% in fiscal year 2022 and beyond,” said John Ho, CEO of Landsea Homes.
- ◦Sale/Acquisition
- ◦Financing
- ◦People
