Meritage Homes Buys Phillips Builders, No Terms Disclosed

Meritage Homes Corporation MTH, a leading U.S. homebuilder, today announced its entry into the Nashville, Tennessee, market through the acquisition of the assets and operations of Phillips Builders. The Phillips family has built more than 20,000 homes in Nashville since 1952, spanning three generations. Phillips sells homes that range from approximately $175,000 to $425,000. With this acquisition, Meritage will acquire approximately 500 lots that will be available for future sales and expects to close 150-200 homes in 2014 as the company expands operations in Nashville. Meritage Homes will operate in Nashville under the Phillips Builders brand name, and Jason and Charlie Phillips will continue to lead the company and grow the homebuilding business for Meritage Homes in Nashville.