Case Studies

Long Term Advisor to the Orosz Family

M&A Advisory
  • Tony Avila began his relationship with Bill Orosz back in the early 2000s while preparing Cambridge Homes for sale
  • In 2005, BAG advised on Cambridge Homes’ sale to K. Hovnanian Homes
    • Transaction was a resounding success for both parties
  • In 2014, BAG began working with Bill and his sons, Matt, Stephen, and Andrew to sell Royal Oak Homes
    • After a competitive bidding process, Royal Oak Homes was sold to AV Homes (Now owned by Taylor Morrison)
  • In 2021, BAG worked with the Orosz team to sell their newest builder, Hanover Family Builders
    • The company had a strong land/lot pipeline leading to explosive growth since inception
    • The company received bids from a multitude of buyers, including public builders and foreign investors
    • After evaluating offers, the company was sold to Landsea Homes

Long Term Advisor to MHI / McGuyer Homebuilders

M&A Advisory
  • Tony Avila began his relationship with MHI back in 1998, working on several initiatives to help the company grow
  • In 2011, BAG advised on MHI’s acquisition of Wilshire Homes
    • Transaction expanded MHI’s footprint into Austin and San Antonio
    • Wilshire Homes rebranded as Coventry Homes
  • In 2021, BAG advised MHI in its sale to Dream Finders Homes
    • Transaction significantly expands DFH presence in the core Texas markets and nearly doubles its combined community count to 220
    • BAG worked with seller and buyer to structure a creative transaction that accomplished each party’s unique objectives
Capital Raising
  • Tony Avila began working with MHI via a lending relationship when he was at BofA Securities in 1998
  • Managed the company’s $25M trust preferred securities issuance in 2005
  • Advised on the repurchase of the $25M trust preferred securities at a discount in July 2009

Long Term Advisor to LGI Homes

IPO
  • BAG served as coordinator and manager of the company’s IPO in 2013
  • Priced 9.00 million shares at $11.00/share, plus 1.35 million additional shares as part of over allotment
  • Best performing builder IPO ever
M&A Advisory
  • Oakmont Homebuilders in 2014
  • Jack Fischer Homes in 2015
  • NC-based Wynn Homes in 2018
  • Ken-Roe Inc. and Buffington Homes in 2021
Capital Raising
  • In 2010 and 2011, BAG raised private corporate and project equity to fuel growth
  • Strategic advisor on LGI’s initial $200M credit facility, concurrent with IPO
  • $85M convertible note issuance in 2014
  • $300M senior note offering in 2018
  • Improved terms and upsized $850M syndicated credit facility in 2021
  • $300M senior notes offering in 2021

Advisor to Dream Finders Homes

IPO
  • BAG served as lead coordinator and manager of the company’s $143M IPO
  • Interviewed investment banks to place stock and provide equity research coverage post-IPO
  • DFH IPO generated stock orders in excess of 100 million shares
  • The IPO was a tremendous success, generating demand for the stock that far exceeded supply
M&A Advisory
  • The strategic acquisition of H&H provided DFH with dozens of new home communities in North Carolina and access to thousands of lots
  • Positioned the company well for its upcoming IPO
  • Served as sell-side advisor in DFH acquisition of Texas-based McGuyer Homebuilders (MHI), the nation’s 17th largest private builder
Capital Raising
  • Coordinated the selection process for commercial banks to replace DFH’s secured debt with a $450M unsecured revolving credit facility
  • Served as sole placement agent for $150M convertible preferred stock issuance to finance acquisition of MHI

Advisor to Dan Ryan Builders

  • At the time of sale, Dan Ryan Builders was building communities in six states and closing approximately 1,300 homes annually
  • Generated significant interest and a competitive bidding process among national public builders, international buyers, and private equity firms
  • Competing proposals gave the sellers the options of:
    • Selling 100% equity interest
    • Selling 50% to 60% interest while continuing to run the business
  • Seller selected Japanese buyer, Sumitomo Forestry America (SFA), as the winning bidder
  • Dan Ryan continued to run the company for three years, at which point SFA purchased his remaining interest in the company

Advisor to Shea Homes – North Carolina

  • Shea Homes - North Carolina was delivering homes in 13 communities of the greater Charlotte market
  • The company had secured a strong land pipeline and healthy backlog of sales in highly-desirable areas of the Charlotte market
  • The company generated strong gross and pre-tax margins which drove significant demand among the primary group of buyers
    • BAG marketed the company to four potential buyers and received aggressive offers from all suitors
    • The offers resulted in a variety of structural options and a bidding war that drove up the seller’s premium
  • BAG was able to maneuver a complicated ownership structure to benefit various owners with different exit objectives
    • Two of the four principals retired, while the other two remained as regional executives with an equity interest in the company