Dream Finders Homes Acquires Assets Of McGuyer Homebuilders For $471M

Dream Finders Homes Inc DFH has acquired the homebuilding, mortgage banking, and title insurance assets of privately held Texas homebuilder McGuyer Homebuilders Inc and related affiliates for $471 million in cash.
Dream Finders Homes expects the acquisition to increase its geographic operations in the Austin metro area and expand into the Texas markets of Houston, Dallas, and San Antonio.
Dream Finders Homes anticipates the newly acquired backlog of 1,845 units to generate over $1 billion in revenues over the next 12 to 18 months.
McGuyer Homebuilders' CEO and their employees will remain with the combined company and continue to operate under the Coventry Homes brand.
Dream Finders Homes used cash on hand of $20 million and issued 150,000 shares of newly-designated Series A Convertible Preferred Stock to consummate the transaction. It also increased the aggregate commitments under its credit facility.
Dream Finders Homes held $53 million in cash and equivalents as of June 30, 2021.
Price Action: DFH shares closed Monday's session at $17.85.