Leading Japanese builder Sekisui House Ltd. has purchased Texas-based company Chesmar Homes and its affiliates for $514 million, according to a press release.
As part of the agreement, Sekisui House will acquire Chesmar Homes, CLM Mortgage, Inc., Entitled Insurance, Inc. and N Title, Inc.
“We are excited to partner with Chesmar to capitalize on compelling opportunities in the Texas market,” said Rick Robideau, CEO of SH Residential Holdings LLC, a subsidiary of Sekisui House. “The addition of Chesmar to the Sekisui House family enables us to gain immediate scale in several leading markets in the attractive Texas region. We believe that we can provide the capital and efficiencies to help Chesmar grow and enhance its competitive position while continuing to build dream homes for Texas families.”
Chesmar is a leading developer of single-family homes in Texas, with operations in Houston, San Antonio, Austin and Dallas-Fort Worth. The company owns and controls over 6,000 lots and closed 2,082 homes in 2021.
“Chesmar Homes has been the adventure of my life,” said Don Klein, founder and CEO of Chesmar. “It has been extremely rewarding to watch our people, ‘Chesmarians,’ and the company grow. We look forward to being part of Sekisui House’s collection of companies and supporting its goal of creating over 10,000 happy customers annually in its international markets.”
In its 62nd year, Sekisui House delivered over 3,400 homes to Americans in 2021, expanding its U.S. operations across Utah, California, Arizona, Nevada, Oregon and Washington.
The transaction with Chesmar expands Sekisui House’s footprint into four of the six largest housing markets in the U.S., bringing the company closer to its goal of supplying 10,000 homes per year globally outside of Japan by fiscal 2025, according to the release.