Irvine Homebuilder New Home Company Acquires Texas Firm
The New Home Company Inc., an Irvine-based home developer, agreed to acquire Dallas-based Landsea Homes Corp. for approximately $430 million. The agreement calls for New Home to acquire all outstanding shares of Landsea Homes for $11.30 per share in cash, which represented a 61% premium to the share price prior to the announcement on May 12.
'Our acquisition of Landsea Homes is an important next step in New Home's long-term growth strategy,' said Matthew Zaist, president and chief executive of New Home, in a statement.
The transaction was supported by Apollo Funds, the majority shareholder of New Home, which committed $650 million of new cash equity to facilitate the transaction.
The merger is expected to close in the third quarter of 2025. Upon completion, Landsea Homes will become a privately held company, and its common stock will no longer be listed on Nasdaq. The combined company will be led by Zaist.
'This transaction underscores our high conviction in the housing market opportunity and the teams at New Home and Landsea Homes,' said Peter Sinensky, partner at Apollo and a member of New Home's board of directors, in a statement.
J.P. Morgan Securities LLC, RBC Capital Markets, Vestra Advisors, and Wells Fargo served as financial advisors to New Home. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to New Home. Moelis & Company LLC acted as exclusive financial advisor to Landsea Homes, while Latham & Watkins LLP acted as its legal counsel.
Information for this article was sourced from Landsea Homes.
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