Case Studies

Chesmar Homes Sold to Sekisui House

M&A Advisory

  • BAG served as the exclusive advisor to Chesmar Homes in its sale to Sekisui House
    • Originally formed in 2005, Chesmar emerged in the Houston metro area as a leading entry-level and move-up homebuilder
    • Today, the company is one of the country’s largest private builders, closing 2,000 units annually across the core Texas markets
  • The company received strong interest from a wide array of buyers, including foreign investors and public builders
    • BAG worked with Chesmar CEO, Don Klein, to ensure that the acquirer had strong alignment in company values and high regard for Chesmar’s existing employees and customers
  • This transaction gives Sekisui a substantial presence in the Texas markets and adds a top-tier builder to its expanding U.S. homebuilder portfolio
“Tony has a unique ability to be there in every moment – anticipated or not – when you need him. He also knows precisely when to step back and let the process go as it’s meant to among the principals. That kind of experience and depth of understanding of these big moments is rare.”
Don Klein, President, Chesmar Homes

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
"BAG has been part of every major chapter in our family’s homebuilding story, from Cambridge Homes and Royal Oak to Hanover Family Builders. They’ve earned our trust through consistent results and honest advice, and we value the relationship we’ve built together."​
Matt Orosz, Owner, Hannover Family Builders​

Long Term Advisor to MHI / Coventry 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
“Our relationship with BAG goes back more than two decades and they’ve been a trusted partner every step of the way.”​
Gary Tesch, CEO, Coventry Homes

Long Term Advisor to LGI Homes

ipo

  • BAG served as coordinator and manager of the company’s IPO in 2013
  • Priced 9 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
  • $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 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
"Tony and the team at BAG delivered beyond my expectations."
Dan Ryan, Founder & CEO

Advisor to Olivia Clarke Homes 

  • Olivia Clarke Homes was founded in 2020 by Jennifer Johnson and quickly established itself as one of the most innovative and design-forward homebuilders in the Dallas-Fort Worth market. Known for its attention to detail, strong customer focus, and brand differentiation, Olivia Clarke built a reputation for delivering homes that resonate deeply with buyers and stand out in a competitive region.
  • Builder Advisor Group served as exclusive advisor on the acquisition of Olivia Clarke Homes by Platform Ventures. Key elements included:
    • Structuring a transaction that preserved Olivia Clarke’s brand identity and positioned the company for continued growth.
    • Ensuring Jennifer Johnson remained in leadership to maintain operational excellence and cultural continuity.
    • Bringing together a buyer with the resources and strategic vision to support expansion while honoring Olivia Clarke’s established reputation.
    • Ensuring buyer synergy -- Platform Ventures expands their Texas builder platform with a highly regarded regional brand.
    • Jennifer Johnson continues to lead operations, providing consistency and reinforcing the company’s strong customer appeal.
    • The transaction demonstrates the enduring value of differentiated brands that combine local expertise, thoughtful design, and operational discipline.
“I’ve never sold a company before, and Builder Advisor Group was with me every step of the way.”
Jennifer Johnson, Founder & President, Olivia Clarke Homes