Orlando, Florida-based Mattamy Homes, the largest privately owned homebuilder in North America, on Oct. 29 announced it has reached a definitive agreement to acquire the homebuilding operations of New Synergy Homes in Dallas. The acquisition of New Synergy, a homebuilding operation of Dallas-based developer and homebuilder Centurion American Development Group, is anticipated to close on November 2, 2020.
As a result of the transaction, Mattamy will own and control more than 3,400 homesites in 26 future communities. In connection with the acquisition, Mattamy will offer employment opportunities to all employees of New Synergy. Mattamy will not acquire the land development operations of Centurion American Development Group, which will continue to be led by its longtime President and Chief Executive Officer, Mehrdad Moayedi.
“Dallas’s booming economy and strong job market presents a tremendous growth opportunity for Mattamy Homes,” said Peter Gilgan, Chairman and Chief Executive Officer of Mattamy Asset Management, the parent company of Mattamy Homes. “We have been looking for the right opportunity to enter the Dallas market for several years and are pleased to be able to launch our new operation with a large and enviable land position that is extremely rare for this constrained land market.”
“I am excited to have a homebuilder with Mattamy’s outstanding reputation for quality craftsmanship, thoughtfully designed communities and beautifully designed homes make such a significant commitment to our market. We know their well-crafted homes will be an outstanding addition to our communities. We look forward to working with Mattamy and our other builder partners as we serve the needs of families throughout the Dallas-Fort Worth market,” said Merhdad Moayedi, Centurion American’s President and Chief Executive Officer.
Larry Craven, a veteran leader of numerous Dallas homebuilding organizations over the past 25 years, will become the Division President for the new Dallas Division of Mattamy, reporting to Keith Bass, Chief Executive Officer of Mattamy Homes US.