“After 20-years of sustained growth, we have been exploring how to take our company to the next level,” explained Owner & Founder, Bill Wynn.
RALEIGH, N.C. (PRWEB) August 16, 2018
Wynn Homes, a regional new home builder headquartered in Creedmoor, North Carolina, announced last week the sale of its top ranked home building company to Houston-based homebuilder LGI Homes. LGI Homes, Inc. (Nasdaq:LGIH) acquired the real estate assets of Raleigh, North Carolina-based Wynn Homes, a 20-year-old privately held homebuilder, for approximately $80 million. Wynn Homes, known for building affordable single-family homes and townhomes, priced from $140,000 to $450,000, across central and eastern North Carolina, gives LGI Homes increased exposure to first-time buyers.
Founded in 1999 as a small local builder, Wynn Homes has grown to one of the region’s largest privately-owned homebuilders with over 500 homes built in 2018 throughout the Triangle and Wilmington Markets. Owners Bill and Christy Wynn have remained at the forefront and personally involved in day-to-day operations throughout the entire 20-year history of the company.
“After 20-years of sustained growth, we have been exploring how to take our company to the next level,” explained Owner & Founder, Bill Wynn. “The current market in the Triangle presented the perfect opportunity to hand the reigns over to a larger entity who could continue that growth. It also gives LGI an entry point into this market at an exciting time in homebuilding. It’s truly a win-win.”
Bill and Christy Wynn will remain with the company during a period of transition to ensure that the change is smooth and seamless for both new homeowners and the team they have built. “The hardest part of the transition is saying goodbye to our team, who we have come to regard as our family,” said Christy Wynn, Vice President of Sales & Marketing. “LGI is inheriting a spectacular, dedicated team and we wish them all the best.”
As a result of this transaction, LGI Homes acquired approximately 200 homes under construction, along with approximately 4,000 owned and controlled lots that will be available for future sales as the company expands operations throughout the Raleigh and Wilmington markets.
"This is an opportunistic purchase for LGI Homes, comprised of homes in various states of construction, finished lots, and land under development covering a large portion of these markets," said Eric Lipar, the Company's Chief Executive Officer and Chairman of the Board. "The acquisition of Wynn Homes provides us with a valuable asset position allowing us to accelerate our growth in one of the nation’s fastest growing markets."
Lipar concluded, “In addition to adding new and future communities, we are pleased to welcome our new colleagues who will enable us to become one of the largest homebuilders in the Raleigh market.” David Rosen of Long Grove Capital advised Wynn Homes in the transaction. Builder Advisor Group served as financial adviser to LGI Homes for the acquisition.
About Wynn Homes
Wynn Homes is a North Carolina homebuilder with strong local roots, serving people and communities in the Triangle and all across North Carolina. Founded in 1999 by Bill Wynn, the company prides itself on offering a diversity of quality-built and thoughtfully designed homes that offer exceptional and lasting value. Wynn Homes builds single-family homes and townhomes in the Raleigh-Durham and surrounding areas as well as Mebane, Fayetteville and Wilmington, NC.