LGI Homes Acquires Real Estate Assets of Minnesota Homebuilder
May 07 2021 - 6:22PM
LGI Homes, Inc. (NASDAQ: LGIH) today announced it has acquired the
real estate assets of Minneapolis, Minnesota-based KenRoe, Inc., a
privately held homebuilder and land development company, for
approximately $27 million at closing, subject to post-closing
adjustments. KenRoe is recognized for building quality homes
targeted at entry-level buyers. The acquired assets include
approximately 85 homes under construction, 130 finished lots, and
390 lots either raw or under development. Additionally, LGI is
acquiring control of approximately 2,500 raw, undeveloped lots that
will be available for future sales as the Company continues to
expand its operations throughout the Minneapolis market.
Eric Lipar, Chairman and Chief Executive Officer
of LGI Homes said, "We are pleased to add KenRoe’s valuable
portfolio of land and their experienced and dedicated team to the
LGI Homes family. This opportunistic purchase complements our
existing positions while expanding our geographic presence and
product offerings, in the highly attractive and growing Minneapolis
market."
KenRoe Owner and CEO, Kent Roessler, said, "LGI
Homes is a perfect fit for our company. LGI sets a high standard
with an outstanding reputation, a profitable business model, and an
experienced management team which align with the vision we have at
KenRoe. Our combined operational excellence will allow for
continued growth in the Minneapolis market."
Builder Advisor Group LLC served as financial
advisor to LGI Homes.
JTW Advisors LLC served as financial advisor to
KenRoe.
About LGI Homes,
Inc.Headquartered in The Woodlands, Texas, LGI Homes, Inc.
engages in the design, construction and sale of homes in Texas,
Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina,
South Carolina, Washington, Tennessee, Minnesota, Oklahoma,
Alabama, California, Oregon, Nevada, West Virginia, Virginia and
Pennsylvania. Since 2018, LGI Homes has been ranked as the 10th
largest residential builder in the United States based on units
closed. The Company has a notable legacy of more than 18 years of
homebuilding operations, over which time it has closed more than
45,000 homes. For more information about the Company and its new
home developments, please visit the Company’s website
at www.lgihomes.com.
CONTACT:Joshua D. FattorVice President of Investor
Relations(281) 210-2619investorrelations@lgihomes.com
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