Clayton Homes, a subsidiary of Berkshire Hathaway, has acquired Lee’s Summit, Missouri-based Summit Custom Homes, according to the Kansas City Business Journal.
The acquisition was made by the company’s site-built division, Clayton Properties.
As Daily Business News readers are aware, Clayton Homes is the largest producer of manufactured homes in North America with over 1,000 Home Centers nationwide.
“We are proud to join the Clayton team,” said Summit Custom Homes CEO Fred Delibero.
“Both companies share a passion for building a best-in-class product, delivering an outstanding customer experience, fostering a family-focused rewarding workplace for our team members and a commitment to community involvement. Our partnership with Clayton will allow Summit to build upon an already successful track record as the leading new home builder in Kansas City and accelerate our growth both locally and regionally, all while maintaining our brand identity and existing team.”
The acquisition of Summit Custom Homes is the third for Clayton over the last year. The company reported $84.26 million in gross 2015 sales, with an average sale of $347,709 per home. Financial terms of the deal were not disclosed.
“We’re excited to welcome Summit’s 54 team members to the Clayton family,” said Keith Holdbrooks, president of the Clayton home building group. “Summit Custom Homes puts a large focus on extraordinary customer and team member experience. This is also a huge priority for Clayton, as we aim to provide an excellent experience in both the home buying journey and in building a strong culture among Clayton team members.”
Acquiring companies like Summit is a key part of the Clayton Homes strategy as it ramps up its site-built operations, added Holdbrooks.
Clayton made its move into the site-built business in September of last year with the purchase of 81 lots in Atlanta and has sold 500 site-built homes since that time.
The Daily Business News recently covered Clayton Homes as they received their International Organization for Standardization (ISO) 14001 registration, here.
Clayton is also part of one of the industry-connected stocks monitored each business day, here on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.
