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