Transaction 4

  • On January 9, 2024 Landsea entered into a definitive agreement to acquire Antares Homes for $232mm (equity purchase price of $185mm)
  • Founded in the late 1990s, Antares focused on building entry-level and move-up homes throughout the Dallas and Ft. Worth markets
    • At the time of the transaction, Antares was the 10th largest builder in Ft. Worth with 19 communities either active or under development
  • The transaction represented a significant step in Landsea’s plan of becoming a leading builder within high-growth Texas markets
    • Added 2,300 lots to Landsea’s portfolio (~80% of which were controlled)
  • Antares’ asset-light, high return business was expected to be immediately accretive to Landsea’s earnings and Return on Equity
  • Vestra provided in-depth analysis on Antares’ positions and plan, additionally supporting Landsea in negotiations, deal structuring and financing