D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced the acquisition of the homebuilding operations of Breland Homes (Breland), which operates in Huntsville, Mobile and Baldwin County in Alabama and along the gulf coast of Mississippi. The homebuilding operating assets included approximately 320 homes in inventory and 1,020 finished lots. D.R. Horton will also control an additional 3,700 lots through option contracts. In calendar 2011, Breland closed 684 homes ($130 million in revenue), and was ranked as the 38th largest builder in the United States by Builder Magazine. Breland’s average home size is approximately 2,200 square feet with an average sales price of $200,000.
Donald R. Horton, Chairman of the Board, said, “Breland Homes has developed an excellent reputation for quality and service, and we welcome Breland to the D.R. Horton family. We are very excited about the expansion of our operations in Mobile and Baldwin County and our entrance into the Huntsville and Mississippi Gulf Coast markets.”
Louis Breland, founder of Breland Homes, said, “We are proud of the reputation that we have built for Breland Homes over the past 30 years, and we are delighted to become a part of D.R. Horton. Our operations will solidify D.R. Horton’s position as the largest builder in Mobile and Baldwin County and establish leading market share for D.R. Horton in Huntsville and coastal Mississippi, as well.”
D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States, based on its 18,302 homes closed in the twelve-month period ended June 30, 2012. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 75 markets in 26 states in the East, Midwest, Southeast, South Central, Southwest and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $600,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.
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