Leading Japanese builder Sekisui House Ltd. bought Texas-based Chesmar Homes and its subsidiaries for $514 million, according to a statement.
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 take advantage of exciting opportunities in the Texas market,” said Rick Robideau, CEO of SH Residential Holdings LLC, a subsidiary of Sekisui House. “Adding Chesmar to the Sekisui House family allows us to gain immediate scale in several top markets in the attractive Texas region. We believe we can provide the capital and efficiency needed to help Chesmar grow and improve 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 more than 6,000 lots and closed 2,082 homes in 2021.
“Chesmar Homes has been the adventure of a lifetime,” said Don Klein, Founder and CEO of Chesmar. “It has been extremely rewarding to watch our staff, the Chesmarians, and the business grow. We look forward to becoming part of Sekisui House’s collection of businesses and supporting its goal of creating more than 10,000 satisfied customers each year in its international markets.
In its 62nd year, Sekisui House delivered more than 3,400 homes to Americans in 2021, expanding its US operations across Utah, California, Arizona, Nevada, Oregon and Washington.
The transaction with Chesmar expands Sekisui House’s footprint in four of the six largest U.S. housing markets, bringing the company closer to its goal of delivering 10,000 homes per year worldwide outside of Japan by fiscal year 2025, according to the statement.