Mattamy Homes, one of North America’s largest homebuilders, has reached an agreement to acquire the homebuilding operations of Dallas-based New Synergy Homes. The acquisition is expected to close on Monday. No financial terms have been disclosed.
With this transaction, Mattamy Homes will own over 3,400 homesites in 26 future communities.
“Dallas’s booming economy and strong job market presents a tremendous growth opportunity for Mattamy Homes,” Peter Gilgan, chairman and chief executive officer of Mattamy Asset Management, the parent company of Mattamy Homes, said in a statement. “We have been looking for the right opportunity to enter the Dallas market for several years and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this constrained land market.”
According to Mattamy Homes, it will offer employment opportunities to all employees of New Synergy Homes, and will not acquire the land development operations of Centurion American Development Group, which will continue to be led by Mehrdad Moayedi.
Larry Craven, who has led many Dallas homebuilding organizations over the past 25 years, will become the division president for the new Dallas Division of Mattamy Homes.
Mattamy, headquartered in Toronto, is one of the largest privately-owned homebuilders in North America. Apart from its business in Canada, Mattamy has active developments across 10 U.S. markets, including Charlotte, Jacksonville, Orlando, Phoenix, Raleigh, Southeast Florida, Tampa-Sarasota-Naples, and Tucson, Arizona.
The builder tends acquire land and offer personalized homes for first-time buyers and move-up families. It also targets the empty-nester and second-home segments, with a mix of townhouses and single-family detached homes.
New Synergy appears to be in line with that philosophy. The company has about 10 communities built or in various stages of development, all centered around the Dallas area. Home prices range from the $300,000s into the high $700,000s, according to its website.
Dallas has been a seller’s market in 2020. According to Realtor.com, the median list price of homes in Dallas was $418,500 in September, up 4.6% year-over-year, with just 2.4 months of inventory.
Mattamy claims it produced roughly CDN $3.7 billion in revenue for the 2020 fiscal year.
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