PUBLISHED FEBRUARY 25, 2020
BY SYDNEY LAKE
Reston-based construction company Stanley-Martin Communities LLC will acquire the home-building assets of Lexington, South Carolina-based home-building company Essex Homes in North Carolina and South Carolina in a deal expected to close by the end of the month. Financial terms of the transaction were not disclosed.
Stanley-Martin — a subsidiary of a Japanese firm, Daiwa House Industry Co. Ltd. — was founded in 1966 and builds condos, town homes and single-family homes in Washington, D.C.; Richmond; Charlottesville; Raleigh, North Carolina; Charleston, South Carolina and Atlanta. In the 12 months that ended Dec. 31, 2019, the company closed 1,774 homes and controlled 14,917 lots.
Essex Homes was founded in 1985 in Aiken, South Carolina, by Karl Haslinger and has operations in South Carolina and North Carolina. Essex closed 853 homes and controlled 8,332 lots in the 12 months that ended Dec. 31, 2019. Haslinger will become regional president at Stanley Martin and will manage operations in former Essex markets.
“Essex started as a custom homebuilder and over the last 34 years has grown to become a much larger builder operating in multiple markets,” Haslinger said in a statement. “I am excited about joining a company that shares our values, the opportunity for the employees of Essex to advance and, most importantly, an unwavering commitment to the homebuyer.”
Philadelphia-based mergers and acquisitions advisory firm JTW Advisors LLC was the financial advisor to Essex Homes in its sale to Stanley-Martin. JTW Advisors specializes in the homebuilding industry and has offices in Philadelphia and Charlotte, North Carolina.
Source Virginia Business