Case Studies

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
  

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

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

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

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

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

• 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.