D.R. Horton, Inc. (NYSE:DHI) on Tuesday was out with news Tuesday that it has acquired Westport Homes, a top- five home builder by volume in Indianapolis and Fort Wayne, Indiana, and Columbus, Ohio.
The company said the home building assets acquired include approximately 3,500 lots, 400 homes in inventory and 550 homes in sales order backlog, the majority of which relate to Westport’s Indianapolis and Columbus operations. D.R. Horton also acquired control of approximately 3,200 lots through option contracts.
For the twelve months ended October 31, 2018, Westport closed 886 homes ($234 million in revenue) with an average home size of approximately 2,200 square feet and an average sales price of $264,000. D.R. Horton expects to pay approximately $190 million in cash for the purchase, and Westport will operate as a separate division within D.R. Horton.
Donald R. Horton, chairman of the board, said, “We welcome Westport Homes to the D.R. Horton family. Their well-established building operations make Westport a great fit for D.R. Horton as we expand our footprint in the Midwest.”
Steve Dunn, resident of Westport Homes, said, “Westport has a long-standing tradition of building quality homes and providing excellent customer service. We are excited to join the largest builder in the country and look forward to continuing this tradition.”
