JACKSONVILLE, Fla. – Jacksonville-based Dream Finders Homes has completed its $2.2 billion acquisition of Beazer Homes USA, making it the nation’s sixth-largest homebuilder, the company said Tuesday.
The all-cash deal valued Beazer at about $2.2 billion in enterprise value. Beazer shareholders received $33.50 for each share of common stock, and the stock has been delisted from the New York Stock Exchange.
“Today, Beazer’s teams officially join ours, and the real work begins,” Dream Finders founder, CEO and Co-Chairman Patrick Zalupski said. “We are closing this transaction in a challenging housing environment, and we are clear-eyed about that.”
Dream Finders plans to transition homes in Beazer communities to its floor plans, which Zalupski said “better match what today’s buyers can afford.” The company also plans to use its increased scale to lower construction costs and shorten build times.
The combination gives Dream Finders communities in 26 of the 50 largest U.S. metropolitan areas, according to the company. It adds California, Nevada, Indiana and Delaware to its footprint, expands its presence in the Washington, D.C., area, including Maryland, and increases its scale in Texas, Florida, South Carolina, North Carolina, Georgia and Arizona.
The companies bring together homebuilding strategies aimed at both entry-level and move-up buyers. Dream Finders also expects to expand its financial services platform, using its mortgage banking and title insurance businesses to offer customers more convenience and value.
The company expects more than $100 million in annual cost savings and a double-digit percentage increase in earnings per share in the first year, Co-Chairman Rick Beckwitt said. Dream Finders also plans to return to and improve its current leverage metrics within 18 to 24 months, he said.
“With the acquisition completed, the board’s focus now turns to disciplined execution,” Beckwitt said. “This combination is built to perform throughout the housing market cycle.”
The acquisition is Dream Finders’ ninth since its 2021 initial public offering and its largest, the company said. Dream Finders is headquartered in Jacksonville and builds single-family homes across the Southeast, Mid-Atlantic, Midwest, Southwest and West.
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