Newport Beach’s Landsea Homes Corp. (Nasdaq: LSEA) has kicked off 2022 with a major corporate acquisition, buying Hanover Family Builders, an Orlando, Fla.-based homebuilder, in a deal worth almost $250 million.
Landsea said it is paying $179.3 million in cash, plus the assumption of $69.3 million in debt for Hanover, which primarily builds in Central Florida.
Started in 2017, Hanover was founded by owners who previously created and sold two other builders in Florida, Royal Oak Homes and Cambridge Homes.
In 2021, Hanover topped $200 million in sales, closing 632 homes at an average selling price of $328,323.
Landsea topped $1 billion in sales last year, the first time the builder’s done so in its eight years of operations.