
Adobe Stock
D.R. Horton, Inc. (NYSE:DHI) on Thursday announced the acquisition of Riggins Custom Homes, one of the largest builders in Northwest Arkansas.
D.R. Horton expects to pay about $107 million in cash for the purchase, according to the company, and plans to combine the Riggins operations with the current D.R. Horton platform in Northwest Arkansas.
“We are excited for the Riggins team to join the D.R. Horton family,” said Donald R. Horton, chairman of the board. “Their quality building operations and local market expertise make Riggins an excellent extension as we grow our local start-up market position in Northwest Arkansas.”
The homebuilding assets of Riggins and related entities acquired include approximately 3,000 lots, 170 homes in inventory and 173 homes in sales order backlog. For the trailing 12 months ended Nov. 30, Riggins closed 153 homes ($48 million in revenue) with an average home size of approximately 1,925 square feet and an average sales price of $313,600.
D.R. Horton has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, D.R. Horton has operations in 106 markets in 33 states across the U.S. and closed 81,469 homes during the 12-month period ended June 30.
Its brand portfolio includes D.R. Horton, Emerald Homes, Express Homes, and Freedom Homes with sales prices generally ranging from $200,000 to more than $1,000,000.
“We have truly enjoyed serving our clients and providing quality homes in Northwest Arkansas for the last 30 years,” Darin and Kevin Riggins said in a joint statement. “Riggins Custom Homes wouldn’t be where it is today without the help of our amazing employees, vendors and subcontractors. We are excited and look forward to seeing the great value D.R. Horton will bring to the families of Northwest Arkansas.”