Case Studies

Nashville Homebuilder
January 2024

  • Originally founded in 1927, and operating in Tennessee since 1995, the Jones Company is one of the largest private homebuilders in the fast-growing Nashville area

  • Serving price points from first move-up to luxury, the Company is well known for consistent execution, closing over 5,000 homes from 2004 to 2023

  • Privately owned by the founders’ families and senior management

  • Ranked the 146th largest U.S. homebuilder by Builder Magazine in the 2023 Builder 100 list

  • Mandate: Sell-side advisor

Process

  • Guided the Jones team through a period of market volatility to fulfill the owners’ specific transaction goals

  • In the summer of 2023, identified CastleRock Communities as an earnest and discreet buyer who would keep the Jones team intact post-close

  • Successfully navigated the complex diligence and board approvals necessary for CastleRock’s Japanese parent, Daiwa House

  • Managed overall transaction due diligence, negotiation, and timing to close

Result

  • In January 2024, CastleRock Communities, a subsidiary of Japan-based Daiwa House, acquired 100% of The Jones Company

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Construction Materials Manufacturer
December 2023

  • Holderness Supplies is a leading truss manufacturer and wood products distributor serving single-family, multifamily and commercial customers across Arizona and in surrounding states

  • From its 11-acre facility in Tucson, the Company invested in the latest equipment and recruited a young, entrepreneurial team to become a leader in complex truss manufacturing

  • Privately owned by its President and other executives, Holderness was seeking liquidity for retiring shareholders and a new partner to support the active management team

  • Mandate: Sell-side advisor

Process

  • Led a comprehensive sell-side M&A process, with careful investment positioning highlighted in a crisp investor presentation

  • Contacted a diverse group of potential buyers, including strategic buyers, private equity investors, overseas strategics, and public builders

  • Crafted a flexible process to help navigate turbulent macroeconomic conditions

  • Carefully guided the management team through close, including due diligence coordination and negotiation of the definitive agreements

Result

  • In December 2023, US LBM Holdings acquired 100% of Holderness Supplies

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Raleigh Homebuilder
August 2023

  • Founded in 2019, Herring Homes is a fast-growing homebuilder in Raleigh, North Carolina with an experienced management team with deep ties to the local market

  • Herring Homes opportunistically builds homes across all price ranges but specializes in entry-level and first-move-up single-family homes in one of the most desired and competitive homebuilding markets in the country

  • Privately owned, 100% by the Founder and President

  • Mandate: Sell-side advisor

Process

  • Led a comprehensive sell-side M&A process, including preparation and positioning, marketing, due diligence, and final negotiations

  • Refined an extensive business model and growth projections to help clearly articulate investment opportunity

  • Proposed and created a discrete transaction structure that navigated complex existing financing arrangements

  • Solicited offers from multiple interested parties, negotiated on behalf of our client, and successfully signed and closed within 30 days

Result

  • In August 2023, United Homes Group (NASDAQ: UHG) acquired 100% of Herring Homes as a foothold into the Raleigh market, pledging significant growth capital to expand market share

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