Dream Finders Homes buys Crescent Ventures assets for $185M

On February 1 DFH acquired the majority of the homebuilding assets of privately held homebuilder Crescent Ventures, for a purchase price of $185 M, subject to customary post-closing adjustments. DFH funded the transaction with cash on hand and borrowings under its existing senior unsecured revolving credit facility. Simultaneously with the acquisition closing, DFH paid off Crescent’s vertical lines of credit associated with the assets acquired. The acquisition is expected to meaningfully enhance Dream Finders Homes’ geographic footprint, including expansion into the markets of Charleston and Greenville, South Carolina, and Nashville, Tennessee. Assets acquired include 457 home sites in different stages of construction, and a backlog of approximately 460 sold homes valued in excess of $265M. Additionally, the Company expects to control approximately 6,200 lots as a result of the transaction. …