American Southern Homes (“ASH”) announced today the closing of an asset purchase to acquire the homebuilding assets of Dorn Homes, Inc. and its affiliates (“Dorn”) for an undisclosed purchase price. Dorn is the third homebuilder to join the American Southern Homes company.
Dorn has been in business for over 50 years and specializes in award winning new homes in Prescott, Prescott Valley, Sedona, Wickenburg, and Tubac, Arizona. Dorn is one of the most awarded homebuilders in Arizona, having received over 50 awards over its five decades of homebuilding. The awards include Best Architecture in the United States, Best Model Home Design in the United States, Best Online Home Concierge in the United States, Best Home Builder in Arizona, Best Masterplanned Community in Arizona, Best Place to Work (two years in a row), and the Excellence in Philanthropy Award.
With this acquisition, American Southern Homes has added control of an additional 2,400 homesites and a platform to expand its operations in the Western United States. ASH is projected to complete construction of over 900 homes in 2021. This partnership will provide Dorn with the additional capital necessary to continue growing in existing markets and expanding into new markets across Arizona.
Greg Benson, President & COO of ASH, said, "The acquisition of Dorn Homes provides us with a valuable five-year plus asset position in strong and growing markets. We welcome David Grounds and his Dorn team as partners going forward."
David Grounds, CEO of Dorn Homes, said, “We are delighted to join the ASH family of companies and this partnership will position us to expand our capabilities and footprint into our current as well as new markets.”
Mr. David Grounds will continue in his role as CEO of Dorn Homes, and is a welcomed advisor to American Southern Homes.
Zelman acted as exclusive financial advisor to Dorn Homes.
About American Southern Homes
Headquartered in Reston, Virginia, American Southern Homes engages in the design and construction of homes in Alabama, Georgia, and now the Arizona markets. The Company offers high-quality, innovative homes, targeting a diverse range of market segments.
Any statements made in this press release that are not statements of historical fact, including statements about the Company's beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: American Southern Homes