In the News

August 27, 2024

JTW Advisors Advises Advanced Cooling & Heating In Sale To Florida-Based Seacoast Service Providers

TAMPA, Fla. (August 27, 2024) – JTW Advisors announced today that its client, Advanced Cooling & Heating, a leading residential provider of heating, ventilation, and air conditioning (HVAC) services, has been acquired by Seacoast Service Partners, a portfolio company of White Wolf Capital Group, a private equity investor based in Miami, FL. JTW Advisors served as the exclusive investment banker to Advanced Cooling & Heating for the transaction.

“It was a privilege and an honor to represent Advanced Cooling & Heating throughout the sale process,” said Kyle Bobinski, Vice President at JTW Advisors. “We are thrilled that Seacoast Service Partners was the company that Advanced Cooling and Heating chose to partner with. I am confident the partnership will unlock even greater growth potential for Advanced Cooling and Heating’s future.”

Advanced Cooling & Heating was founded in 1996 in Palm Beach County, Florida by Erik Bryson and is led by Bryson and Victor Da Silva, Jr. The Company specializes in providing high-quality HVAC system replacement, installation, repair, and maintenance services for residential customers throughout southeast Florida.

“We continue to see private equity sponsors allocate and deploy meaningful capital into the home services sector,” said Chris Jasinski, JTW’s CEO and Managing Partner. “For business owners contemplating an exit, now is an opportune time to explore options while the demand is high, and valuations remain attractive.”

About JTW Advisors
JTW Advisors LLC is a boutique investment bank focused on the building products & services and residential housing industries. With offices in Charlotte, Philadelphia, Tampa, and Los Angeles, the firm provides mergers & acquisitions and capital advisory services to its clients including building products & services companies, homebuilders, and land developers. JTW provides both sell-side and buy-side M&A advisory services, including guiding clients through all stages of the M&A process: financial modeling, valuation, deal prep, positioning & marketing, diligence, and closing. For more information, visit http://jtwadvisors.com/ or contact the firm directly at info@jtwadvisors.com or (704) 412-3080.

Media Contact:
Kaden Jacobs, Poston Communications, jacobs@postoncommunications.com, (404) 875-3400

usiness Success’ is a podcast series presented by Paul Sanneman, the founder of Contractor Staffing Source. The podcast is dedicated to providing insightful and cutting-edge content for professionals in the building industry. ‘Business Success’ connects viewers with the industry’s top leaders and experts.

In this edition Paul discusses capital raising strategies for homebuilders and contractors with Chris Jasinski and Kyle Bobinski of JTW Advisors.

Chris and Kyle discuss the various equity, debt, and land banking opportunities that are available in the market today. They also profile the terms you can expect.

Watch the video here.

And contact Chris and Kyle directly at info@jtwadvisors.com.

July 23, 2024

Podcast: Capital Raising Strategies For Homebuilders and Contractors with Chris Jasinski & Kyle Bobinski

‘Business Success’ is a podcast series presented by Paul Sanneman, the founder of Contractor Staffing Source. The podcast is dedicated to providing insightful and cutting-edge content for professionals in the building industry. ‘Business Success’ connects viewers with the industry’s top leaders and experts.

In this edition Paul discusses capital raising strategies for homebuilders and contractors with Chris Jasinski and Kyle Bobinski of JTW Advisors.

Chris and Kyle discuss the various equity, debt, and land banking opportunities that are available in the market today. They also profile the terms you can expect.

Watch the video here.

And contact Chris and Kyle directly at info@jtwadvisors.com.

June 26, 2024

2024 Housing Giants Report and Rankings

ProBuilder magazine published the 2024 edition of their much anticipated “Housing Giants Report and Rankings.”

In the article, Chris Jasinski discusses consolidation within the homebuilding industry.

“It’s an extremely active market,” says Chris Jasinski, founder and CEO of JTW Advisors, an investment bank serving home builders and land developers. “And the conditions are there for continued consolidation well into the future.”

Read the full article including Jasinski’s additional insights on ProBuilder here.

June 5, 2024

Q&A: What Impact Is M&A Activity Having on the Housing Industry?

In a discussion with the editor of ProBuilder magazine, Chris Jasinski discusses the impact M&A activity is having on the housing industry.

Jasinski addresses motivations driving recent mergers & acquisitions (M&A) activity, current M&A market conditions, expectations of buyers and sellers, and the implications of consolidation in the homebuilding industry.

Read the full article on ProBuilder here.

February 2, 2024

JTW Advisors Advises Crescent Homes On Blockbuster Sale To Dream Finders Homes

CHARLOTTE, N.C. (February 2, 2024) – JTW Advisors LLC served as the sell-side M&A advisor to Crescent Homes in their sale to publicly traded Dream Finders Homes. JTW Advisors played a pivotal role in navigating the complexities of the deal and ensuring the objectives of Crescent Homes’ owner were met and exceeded.

This is JTW’s third M&A transaction in less than 4 months – totaling over $640 million and over 10,200 lots. JTW served as sell-side advisor to Denver based Richfield Homes in their October sale to publicly traded Landsea Homes and buy-side advisor to Trumark Homes (majority owned by Japan’s Daiwa House) in their October acquisition of Central California-based Wathen Castanos Homes.

Ted Terry, a 5^th generation homebuilder and owner of Crescent Homes, utilized JTW Advisors to ensure the sale of his company met his objectives for a transaction. Specifically, JTW Advisors was instrumental in securing: (1) access to capital; (2) career opportunities for his team; (3) a long-term interest in the business; and (4) a monetization event for his family. “I am thrilled to have partnered with JTW Advisors for this transaction” said Ted Terry, owner of Crescent Homes. “They took the time to understand our unique goals and developed creative solutions to ensure our long-term success.”

Demand for Crescent was strong, driving multiple bids for the company. Additionally, Ted’s desire to retain an ownership interest and to have operational involvement in the business required JTW Advisors to find a bespoke solution that allowed a win-win for both Crescent and Dream Finders’ land light business model. “This transaction demonstrates our commitment to finding creative solutions that go beyond traditional M&A approaches,” said Chris Jasinski, CEO and managing partner at JTW Advisors. “We are delighted to have exceeded Ted’s objectives and are confident this partnership will yield significant benefits for both parties involved.”

Dream Finders secured operations in three new markets in the southeast including: Charleston, SC; Greenville, SC; and Nashville, TN. Dream Finders acquired a backlog of 460 homes totaling over $265 million in 25 actively selling communities, an experienced team, and a pipeline of 6,200 owned and controlled lots.

“This transaction is further evidence of the strength in the homebuilder M&A market,” said JTW’s Chris Jasinski, CEO and managing partner at JTW Advisors. “Consolidation has accelerated in the past two years. Public, foreign, and large private builders possess a healthy appetite to acquire smaller private builders in their quest to gain market share and are willing to be creative in deal structures. This comes at a time when private builders are facing increasing challenges to secure the capital needed to maintain and grow their businesses.”

This successful transaction not only demonstrates JTW Advisors’ position as a trusted M&A partner but highlights their ability to navigate deals creating lasting value, providing a model for future success in the homebuilding sector.

About JTW Advisors

JTW Advisors LLC is a boutique investment bank focused exclusively on the residential housing industry. With offices in Charlotte, Philadelphia, Tampa, and Los Angeles, the firm provides mergers & acquisitions and capital advisory services to homebuilders, land developers, and building products companies. JTW provides both sell-side and buy-side M&A advisory services, including guiding clients through all stages of the M&A process: financial modeling, valuation, deal prep, positioning & marketing, diligence, and closing. For more information, visit https://jtwadvisors.com/ or contact the firm directly at info@jtwadvisors.com or (704) 412-3080.

February 2, 2024

Dream Finders Homes Buys Crescent Ventures

An article published February 2, 2024 in Builder Magazine highlights Dream Finders Homes’ acquisition of Crescent Homes.

JTW Advisors served as sell-side advisor to Crescent Homes.

To read the full article, click here.

October 26, 2023

Homebuilding Dealmakers Grinning Over ‘Smile States’

In an article published October 26, 2023 in Mergers & Acquisitions, Chris Jasinski discusses consolidation in the home building industry as some builders look to cash out, as others look to expand.

Jasinski, who advised on two recent homebuilder deals in California and Colorado, said, ”It’s pretty simple. The M&A activity is following where the homes are getting built and that’s where the people and jobs go.” This growth is being widely seen from the Southeast across the Southern U.S. to the Southwest, dubbed the “smile states”.

During the COVID pandemic, homebuilding experienced a boom which is now causing some homebuilders to cash out of the market while others, bolstered by increased balance sheets, are looking to expand operations.

“There’s been an ongoing consolidation that has accelerated in the last 15 months,” explains Jasinski. “There’s lots of cash to deploy.”

To read the full article, subscribers may click here.

October 19, 2023

Landsea Homes Acquires Colorado-Based Richfield Homes

Builder Online published an article on October 19 highlighting the acquisition of Richfield Homes by Landsea Homes, the 35th largest builder in the U.S.

JTW Advisors served as the M&A advisor to Richfield Homes in its sale to Landsea Homes.

For the full article, you may click here.

October 18, 2023

Landsea Adds Colorado To Its Map With Richfield Homes Deal

The Builder’s Daily published an article on October 18^th discussing Richfield Homes’ sale to Landsea Homes.

JTW Advisors served as Richfield’s sell-side advisor in the transaction.

“This acquisition exemplifies the ongoing evolution within the homebuilding industry. Larger balance sheets provide opportunities for growth and increased margins,” [JTW’s Managing Partner] Mr. Jasinski said. “Within the dynamic landscape of mergers and acquisitions, it’s evident that quality companies, distinguished by exceptional management teams, healthy profit margins, and strategically robust land holdings in sought-after markets, hold a strong allure for a wide array of potential buyers.”

For the full article, you may click here.

October 12, 2023

Trumark Homes Acquires Wathen Castanos Homes In Central California

Builder Online published an article on October 12^th discussing Trumark Homes’ acquisition of Wathen Castanos Homes in Central California.

JTW Advisors serves as the buy-side advisor to Trumark in the transaction.

“Our vision for Trumark Homes is to grow strategically and substantially with the goal of becoming the dominant home builder in the West. We have been working with JTW Advisors, who served as our exclusive financial adviser on this transaction and will continue to counsel us on future growth opportunities,” said Maples and Nelson. “We see this acquisition as the first of many steps we will be taking, and, with the support of Daiwa House, we fully anticipate additional growth in the Western region of the United States.”

Click here for the full article.

October 12, 2023

Trumark’s Wathen Castanos Buy Puts It On An M&A Fast-Track

The Builder’s Daily published an article on October 12^th discussing Trumark Homes acquisition of Wathen Castanos Homes.

JTW Advisors served as Trumark’s exclusive buy-side advisor in the transaction.

“With an ‘imperative’ to grow,” according to Trumark co-founder and co-CEO Michael Maples, “and a green light to tap the deep, highly-motivated capital resources of Daiwa House, he says, ‘stay tuned.'”

“Here’s what buyers want: a quality company that makes above-average margins. What’s more, they’re in a challenging entitlement environment and they’ve created a lot of value through the entitlement process. That’s the type of seller everybody’s after,” says Chris Jasinski CEO and Managing Partner of JTW Advisors, Trumark’s consultant.

For the full article, you may click here.

October 12, 2023

JTW Advisors Advises Trumark Homes In Their Strategic Acquisition Of Central California Builder Wathen Castanos Homes

CHARLOTTE, N.C. (October 12, 2023) – JTW Advisors LLC served as the buy-side M&A advisor to California-based Trumark Homes in its acquisition of Wathen Castanos Homes. The expansion into Central California will connect Trumark’s existing Northern California and Southern California divisions into one contiguous footprint. The transaction is structured as a “land light” deal. Trumark has acquired the homebuilding operations, 270 work-in-process (WIP) homes, 121 finished lots, and an option to purchase 3,306 additional future finished lots. The Wathen Castanos ownership group will retain their land development business and will sell finished lots to Trumark over time.

Trumark Homes was co-founded by Co-CEOs Gregg Nelson and Michael Maples and is majority-owned by Japan’s Daiwa House Group. Trumark closed 448 homes in 2022 with revenue of $419 million.

“The Wathen Castanos acquisition is the next step on our path to building a homebuilding footprint from the Rocky Mountains to the Pacific Ocean,” said Trumark’s Chief Administrative Officer, John Willsie. “We are excited to welcome Wathen Castanos’ high-quality team into the Trumark family. The land-light structure will allow us to increase our overall capital turns and return on capital.”

Wathen Castanos Homes was founded in 1983. Joshua Peterson, Wathen Castanos CEO and co-owner, will stay on as the division president of Trumark’s newly formed Central California division. Wathen Castanos’ ownership group will maintain ownership of the land and will develop and deliver finished lots to Trumark.

“We are proud to have played a key role in structuring this transaction between Trumark and Wathen Castanos,” said Chris Jasinski, CEO of JTW Advisors. “The creative deal structure maximizes the objectives of both parties. Trumark inherits a proven homebuilding team that can focus on growing the homebuilding business in Central California with a dependable lot pipeline. Likewise, the selling group will continue owning and developing their land with the benefit of having Trumark serving as their well- capitalized lot monetization engine. This innovative and thoughtful deal structure maximizes value for both parties.”

Jasinski added, “We are honored Trumark has entrusted our firm with the responsibility of helping Trumark build out their west coast footprint. JTW is actively pursuing quality homebuilders on Trumark’s behalf. This Wathen Castanos transaction is a great example of the creativity Trumark will embrace in order to structure an M&A deal that is mutually beneficial to both the private builder selling his/her company and Trumark.”

This is the second homebuilder M&A transaction JTW has advised on in the past week, having also advised Richfield Homes in the sale of their Denver homebuilding operation to Landsea Homes. JTW maintains a healthy pipeline of homebuilder M&A deals in various stages.

In the context of the current mergers and acquisitions (M&A) environment for homebuilders, this transaction signifies the ongoing trend of consolidation within the industry. The housing market is poised for a wave of M&A activities, driven by various factors motivating both buyers and sellers. Buyers are pursuing economies of scale, geographic expansion, and enhanced market presence. Sellers are capitalizing on the opportunity to monetize their business. Well-run private builders with strong management teams and robust land positions should continue to attract attention from larger builders with greater access to capital, especially as capital becomes scarcer and more expensive in the current interest rate and lending environment. This creates attractive opportunities for private builders to consider strategic alternatives, including selling or recapitalizing their companies.

About JTW Advisors

JTW Advisors LLC is a boutique investment bank focused exclusively on the residential housing industry. With offices in Charlotte, Philadelphia, and Los Angeles, the firm provides mergers & acquisitions and capital advisory services to homebuilders, land developers, and building products companies. JTW provides both sell-side and buy-side M&A advisory services, including guiding clients through all stages of the M&A process: financial modeling, valuation, deal prep, positioning & marketing, diligence, and closing. For more information, visit https://jtwadvisors.com/.

October 10, 2023

JTW Advisors Advises Richfield Homes In Sale To Landsea Homes

CHARLOTTE, N.C. (October 10, 2023) – JTW Advisors LLC served as the sell-side M&A advisor to Denver, CO based Richfield Homes, LLC in their recent sale of homebuilding assets to Landsea Homes of Colorado LLC.

Will Edgington and Serge Goldberg founded Richfield Homes in 2012 after previously running a successful homebuilding business in Texas. Lisa Wiebelhaus became a co-owner in 2016 and will subsequently serve as Landsea’s Colorado Division President. Over the trailing 12 months, Richfield closed 112 homes across 6 communities generating revenues of over $68 million.

Landsea, a public company and one of the nation’s largest homebuilders, operates in Arizona, Florida, New York, California, and Texas. In 2022, Builder Magazine recognized Landsea as Builder of the Year. The acquisition of Richfield expands Landsea’s footprint into Colorado.

“We are proud to serve as Richfield Homes’ exclusive financial advisor for this transaction,” said Chris Jasinski, CEO & Managing Partner of JTW Advisors. “The Colorado front range is the 7th largest single family homebuilding market in the U.S. supported by strong job growth, an expanding population, and an appealing lifestyle. Richfield Homes’ healthy land position and quality, experienced team presented a golden opportunity for Landsea to enter the Denver market.”

Mr. Jasinski believes we have entered a period of increased homebuilder M&A activity as evidenced by this transaction between Landsea and Richfield. Well-run private builders with strong management teams and robust land positions should continue to attract attention from larger builders with greater access to capital, especially as capital becomes scarcer and more expensive in the current interest rate and lending environment. This creates attractive opportunities for private builders to consider strategic alternatives, including selling or recapitalizing their companies.

“This acquisition exemplifies the ongoing evolution within the homebuilding industry. Larger balance sheets provide opportunities for growth and increased margins,” Mr. Jasinski said. “Within the dynamic landscape of mergers and acquisitions, it’s evident that quality companies, distinguished by exceptional management teams, healthy profit margins, and strategically robust land holdings in sought-after markets, hold a strong allure for a wide array of potential buyers.”

About JTW Advisors

November 18, 2022

Selling Your Home Building Company? Here’s What to Expect

Chris Jasinski and Ken McWilliams discuss the essential steps for buying and selling private home building companies in an article published in Pro Builder on November 18, 2022. Jasinski and McWilliams say that buying and selling a private home building company follows a similar format to mergers and acquisitions (M&A) in other industries, and the process can be broken down into three stages.

“Valuation and deal preparation in the M&A process takes about 45 days total,” Jasinski and McWilliams explain. “During that period, you as the seller have some work to do, such as providing detailed corporate and asset financial histories and projections. If you’ve hired an advisor, they will perform a financial valuation, then discuss with you the valuation range and terms you can expect to receive.”

Jasinski and McWilliams further discuss the marketing and bidding phase where bids are evaluated, pricing is negotiated and major deal terms are defined.

“We strongly push sellers to invest time and energy in the front-end deal prep stage so all of the diligence information is available and complete throughout the M&A process, which helps to facilitate a successful transaction for all parties in the deal.”

Read the full article on Pro Builder here.

November 16, 2022

How Much Is Your Home Building Company Worth?

In an article published in Pro Builder on November 16, 2022, authors Chris Jasinski and Ken McWilliams discuss the qualitative and quantitative factors that affect the price buyers are willing to pay when a private home builder sells their company.

“As a seller, you want to attract as many qualified bidders as possible,” Jasinski and McWilliams explain. “Multiple bidders create competitive tension that typically results in increased valuations and better transaction terms for you.”

Jasinski and McWilliams discuss some of the key attributes of businesses that will increase demand. Additionally, they mention that after evaluating qualitative aspects of business, a potential buyer will use numerous valuation methods to determine the price they are willing to pay.

“A builder’s land inventory is essential in determining the purchase price,” they add. “Finished lots (owned or optioned) are more desirable to buyers than raw land… and buyers pay a premium. Similarly, the majority of buyers prefer finished lot takedown deals to self-development deals.”

To read the full article on Pro Builder, please visit their website here.

August 22, 2022

Home Builder M&A Activity: It’s a Seller’s Market

In an article published on August 22, 2022 by ProBuilder magazine, JTW Advisors Managing Partner and Co-Founder Chris Jasinski outlines current market factors in the homebuilding industry that have resulted in a seller’s market for owners looking to sell their businesses. The article examines five current market trends in detail, specifically citing stagnant organic growth due to market conditions; expanded network of potential buyers, including foreign builders; the importance of company size to increase profits and efficiency; the need for expansion into new markets; and the consolidation of resources (including available land, employees, vendors and customers) in both primary and secondary markets. Jasinski emphasizes that private builders currently have a profitable window of opportunity to sell their business thanks to these market dynamics.

For the full article, please click here.

June 1, 2022

JTW Advisors Advises Executive Construction Homes in Sale to Lennar

The Mecklenburg Times published an article on June 1st highlighting the acquisition of Executive Construction Homes, LLC by Lennar. JTW Advisors served as the financial advisor to Executive in its sale to Lennar.

Chris Jasinski, CEO & managing partner of JTW Advisors is quoted ”As the Southeast region continues to be a hot market for new development borne out of relocation trends, this deal speaks to the vision that leaders at both companies have to capitalize on growth opportunities and align their strengths to bring new homes to the growing Columbia market.”

For the full article, you may click here.

April 15, 2022

Lennar Buys Executive Construction Homes

In an article published on April 15, 2022, by Mergers & Acquisitions online, JTW Advisors was noted as sell-side M&A advisor to Executive Construction Homes LLC. Lennar, a home builder, has acquired Executive Construction Homes. The transaction will enable Lennar to expand into the Columbia, S.C. market and allow Lennar to purchase Executive Construction Homes’ land pipeline totaling more than 3,300 lots.

Read the full article here.

April 8, 2022

Lennar Acquires Columbia, South Carolina-based Executive Construction Homes

In an article published on April 8, 2022, by Builder Online, Chris Jasinski, CEO and managing partner of JTW Advisors, views the transaction between Lennar and Executive Construction Homes as further proof of the current strength in the home building mergers and acquisitions market.

Lennar will expand its portfolio into the Columbia, South Carolina, market with the purchase of Executive Construction Homes’ finished lots and land pipeline totaling more than 3,300 lots. JTW Advisors served as the sell-side advisor to Executive Construction Homes in the sale to Lennar. This is JTW’s second mergers and acquisitions deal in less than three months. The company most recently advised Breland Homes on its sale to Lennar in the Huntsville, Alabama, and Pensacola, Florida, markets.

Read the full article here.

April 8, 2022

Lennar M&A Spree Continues with Buy of Columbia, SC Firm

In an article published by The Builder’s Daily on April 8^th discussing broader trends in the homebuilder M&A market, Chris Jasinski is quoted discussing motivations for both buyers and sellers of private homebuilding companies.

“You’re seeing a period of heightened transaction activity, and now changing conditions mean that activity means more deals will be harvested,” says Jasinski. “The windows of opportunity to sell don’t exist – especially the ones open now – at every part of a housing cycle. So, for sellers – as for buyers, who are mostly angling for land where it’s constrained in a concentrated number of mostly Smile States markets – timing matters.”

Jasinski also discusses the rising attractiveness of secondary and tertiary markets.

“Migration patterns as they’ve begun to define themselves and continue to play out will start to widen a gap between broad national supply and demand, and specific metro, market, and submarket supply and demand, he says. This is what makes Columbia, S.C. – which grew to about $1 billion in homebuilding sales revenue, and expanded by about $200 million in the past 24 months – a hot market now.”

For the full article, you may click here.

March 8, 2022

Big Builders Target Secondary Markets

CEO Chris Jasinski recently shared his insights on public and foreign homebuilders expanding into previously overlooked secondary markets in response to high consumer demand for housing in small cities and the ongoing need for builders to grow. He notes that with builder targets of 10%-15% annual growth in revenue, profit and closings, builders are turning to smaller markets to feed that growth.

“Despite strong demand for new homes, meeting these projections is increasingly difficult due to a lack of available finished lots. That means big builders can’t simply ramp up production in another market to compensate for weather delays and other closings shortfalls elsewhere. Labor shortages and supply chain problems have exacerbated the situation, slowing cycle times and delaying closings. As a result, public and foreign builders are expanding into new markets through organic growth and M&A activity, searching for more closings, revenue and profit.”

In addition, the interest in secondary markets has been fueled by consumers seeking a lower cost of living, a trend that was rapidly accelerated during the pandemic when workplace flexibility allowed people to live and work anywhere. Further, smaller markets often mean less builder competition, looser terms for available land, and an easier regulatory environment. He cites the city of Columbia, S.C. as a stand-out example of a market benefitting from the trend.

“In 2018 there were only two public builders in Columbia, D.R. Horton and NVR, which held a mere 22% market share against private builders’ 78%. Later that year, Clayton purchased Mungo Homes, and LGI entered organically in 2019. In 2020, our firm advised Essex Homes, which held a 19% market share, on their sale to Stanley-Martin (Japan-based Daiwa House Group). By the end of 2020, public and foreign-owned builders were delivering 64% of Columbia’s new homes, and last year Pulte started acquiring land. As these big builders ramp up, we project their market share to increase. This trend will continue as many secondary markets still dominated by private builders are ripe to repeat Columbia’s experience.”

To read the full article, please click here.

February 17, 2022

Lennar Adds Alabama to Its Footprint, With Breland Purchase

The Builder’s Daily published an article on February 17^th discussing Breland Home’s sale to Lennar.

JTW Advisors served as an advisor in the transaction which closed in December 2021.

For the full article, you may click here.

May 17, 2021

LGI Homes acquires Anoka-based homebuilder R Home

On May 17, 2021, Minneapolis / St. Paul Business Journal published an article announcing that LGI Homes Inc. acquired R Home in a deal that closed on May 7, 2021.

As R Home is one of the largest locally owned single-family homebuilders in the Minneapolis / St. Paul area, LGI will expand its presence in the Twin Cities with more than 3,000 owned and controlled lots and homes.

“We saw an opportunity and wanted to take advantage while the timing was right. As we sought a buyer, JTW Advisors understood our priorities, found an excellent match in LGI and carried us through the acquisition process seamlessly,” said R Home Owner and CEO Kent Roessler.

For the full article, subscribers may click here.

May 15, 2021

JTW Advisors advises R Home in Sale to LGI Homes

In an article that was published on May 15, 2021, South Charlotte Weekly highlighted JTW Advisors’ involvement in the acquisition of Minneapolis / St. Paul-based R Home’s homebuilding and land development assets and operations by LGI Homes.

JTW Advisors served as the exclusive financial advisor to R Home in the sale that closed on May 7, 2021.

In addition to this acquisition, JTW Advisors recently served as the financial advisor to Essex Homes in their sale to Stanley Martin Communities, creating one of the top 25 builders in America.

For the full article, you may click here.

April 7, 2020

M&A Lessons Learned for Private Builders and Developers

In an article published in Builder and Developer Magazine’s April Buyer’s Guide issue, Chris Jasinski discusses lessons learned for private builders and developers from the sale of Essex Homes to Stanley Martin Homes in late February, for which JTW Advisors served as the financial advisor to Essex Homes.

Numerous trends are currently fueling M&A activity in the homebuilding industry, including an increased demand for private builders, an expanded universe of buyers and the continuation of consolidation.

“M&A momentum is supported by strong demand from buyers seeking to rapidly expand their geographic footprint, leverage internal scalability, and boost overall profitability. As consolidation trends continue in the U.S., market competitiveness for quality land, experienced staff and supply chain infrastructure will increase, adding pressure to smaller independent builders,” Jasinski said.

Read the full article on page 22 of Builder and Developer Magazine here.

February 27, 2020

Private Plight: As Finished Lot Supply Shrinks, Deals Appeal as Small Firms’ Only Real Option

Chris Jasinski was quoted in Builder Magazine on February 27, 2020 discussing the recent acquisition of Essex Homes by Stanley-Martin Communities and the rising M&A trend in the homebuilding industry.

JTW Advisors advised Essex Homes in its sale to Stanley Martin, which closed on February 25, creating one of the top 25 builders in the U.S.

Jasinski believes the time-to-entitle raw Future Lots has become a critical motivator for active buyers in today’s homebuilding M&A market.

“You can’t buy raw land from Farmer Joe or Farmer Mary and get it into the finished developed pipeline for at least three years, for the most part these days,” says Jasinski. “This longer entitlement process–I think–is a factor motivating some of the M&A dynamics we’re seeing.”

For the full article, you may click here.

February 27, 2020

M&A wrap: Coronavirus, Goldman Sachs, Riverside, Paul Hastings, Arsenal, Moonsail, Sycamore, Top PE firms

Mergers & Acquisitions published the article “M&A wrap: Coronavirus, Goldman Sachs, Riverside, Paul Hastings, Arsenal, Moonsail, Sycamore, Top PE firms” today, which mentioned JTW Advisors for its involvement in the Stanley Martin Homes acquisition of Essex Homes.

You may access the article here.

February 25, 2019

Reston-based Stanley-Martin to acquire Essex Homes

Virginia Business published an article on February 25 highlighting the acquisition of Essex Homes by Stanley-Martin Communities LLC. JTW Advisors served as the financial advisor to Essex Homes in its sale to Stanley Martin.

Karl Haslinger, CEO of Essex Homes, will become regional president at Stanley Martin and will manage operations in former Essex markets.

For the full article, you may click here.

February 13, 2020

Six Industry Trends That Will Shape 2020 and the New Decade

In an article published online and in Builder Magazine’s February issue, Chris Jasinski is quoted discussing the rising trend of built-to-rent single-family home communities, which he thinks will continue to shape the homebuilding industry in 2020 and the new decade.

“Single-family rental operators are pursuing build to rent to augment their current practice of purchasing existing single-family homes,” says Jasinski. “New homes require less capital expenditure than existing homes, and institutional investors are treating the new product like a horizontal apartment complex.”

The efficiencies of building single-family rental communities in one location is becoming an attractive aspect of the market, rather than builders and investors buying up multiple homes in different neighborhoods.

For the full article, you may click here.

February 10, 2020

Can the new-house rental market gain steam around intown Atlanta?

In an article published by Curbed Atlanta on February 10, Chris Jasinski is quoted discussing Atlanta’s rising trend of single-family homes being built for rent.

Historically, single-family homes have been built for the purpose of purchase however, it is expected that single-family rentals (SFR) and build-to-rent (BTR) classes will become more prominent in Atlanta.

“Build-To-Rent is currently a major trend in the SFR industry,” Jasinski said. “Global investors seeking yield in our low-interest rate environment, combined with the appreciation of single family homes making it difficult to find lucrative resale homes to purchase, has pushed SFR operators to begin building their own SFR communities.”

On the supply side, Atlanta is one of the highly demanded markets by SFR owners / operators and BTR builders, according to Jasinski.

For the full article, you may click here.

December 24, 2019

Home-Builder Rally Fueled by Low Interest Rates, Millennials

Chris Jasinski was quoted in an article published by The Wall Street Journal on Tuesday, December 24 discussing a trend in the homebuilding industry of lower interest rates for U.S. home builders and an increase in the demand for affordable homes with a quicker turnaround time, especially by millennials.

This trend has resulted in large builders making strategic shifts to produce a higher quantity of less-expensive homes. Builders that are focusing on this market are typically seeing more growth than their competitors.

As more companies are trying to meet the demand from entry-level shoppers with lower purchasing power, mergers and acquisitions could continue to rise in 2020.

“Large builders are looking at companies with landholdings that are legally ready to be developed. Such deals are a way to navigate long permitting processes. Increasingly it’s just another land-acquisition vehicle,” Jasinski explained.

For the full article, subscribers may click here.

December 3, 2019

Neighbors, supporters of endangered ‘adorable little plant’ oppose development near TR

In an article published by Greenville News on December 3, Chris Jasinski is quoted discussing Greenville’s homebuilding industry. The Travelers Rest area is a haven for a rare plant species – the bunched arrowhead – that is disrupting the residential development in this area.

For years, landowners outside Travelers Rest have been pitching subdivisions in this area that would destroy the sensitive land that is keeping the bunched arrowhead alive. Developers have faced increasing regulations and public opposition that is limiting supply of housing and increasing prices.

Now, Travelers Rest developer Craig Roy has a project in process called Crestfield Farm that is less than 1,000 feet from the Blackwell Heritage Preserve, one of the areas of land under preservation, and he argues that he is complying with the strict regulations.

Jasinski noted that Roy’s investment, and the increasingly strict conditions on development he is encountering, are typical across the country, with Greenville being no exception.

To that end, independent developers like Roy are getting rarer, Jasinski said, as home builders nationwide consolidate operations in the ever more difficult pursuit of their primary raw material: land. “In 2009, 15.4% of the revenue from all new home sales in Greenville-Spartanburg came from public builders,” Jasinski continued. “Today, 48.6% of the revenue from new home builders come from publicly traded builders or foreign-owned builders.”

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December 2, 2019

D.R. Horton outperforming construction industry competitors, analysts report

In an article published by Dallas Business Journal on December 2, Chris Jasinski is quoted discussing the reasoning behind D.R. Horton Inc. outperforming its construction-industry competitors across multiple metrics.

The homebuilder has undergone multiple recent acquisitions, which has benefitted the company.

“Nationally, they’ve been an acquirer of builders as a strategy to enter new markets, and they’ve done a wonderful job of it,” Jasinski said. “They have a great team that is looking for quality builders.”

For the full article, subscribers may click here.

November 25, 2019

Publicly traded, foreign-owned homebuilders gaining market share in Dallas-Fort Worth

In an article published by Dallas Business Journal on November 25, Chris Jasinski is quoted discussing the increased market share that publicly traded, foreign-owned homebuilders are gaining in North Texas.

North Texas is the nation’s largest homebuilding market and continues to be sought after by publicly traded and foreign-owned builders not yet in the market. Therefore, big builders are looking to buy out or take controlling interest in established homebuilding companies based in the Dallas-Fort Worth area.

“Traditionally, if you sell your business to another company, it might be because you want to retire or you have some other passion or public service you want to pursue,” Jasinski said. “Now, there’s also a universe of buyers who will allow you to stay involved and run your business, and they will provide capital to help you grow it.”

For sellers, this is a win-win situation because they get more capital to grow their business and are still able to stay on board as a decision-maker.

For the full article, subscribers may click here.

November 21, 2019

Look for more mergers, acquisitions in DFW homebuilding industry, M&A advisor says

In an article published by Dallas Business Journal on November 21, Chris Jasinski is quoted discussing the rising number of mergers and acquisitions in the homebuilding industry, specifically in the Dallas-Fort Worth (DFW) area.

DFW is one of the biggest homebuilding markets in the nation, with over 100,000 new jobs created a year.

“Barring a major shock to the economy — weather, natural disaster, war — Dallas will continue to create jobs at a robust pace, and builders will do the things that they need to do to maintain and grow market share,” Jasinski said. “It’s a huge market. The market might do over $10 billion in new homes this year. That’s a healthy market and people want to be part of it.”

In the past, M&A activity was usually tied to a strategic decision; however, in an effort to increase market share, land is now the driving factor of many mergers and acquisitions. Public homebuilders are more commonly seeking out these acquisitions as a result of zoning, permitting and land development becoming more complicated and time-consuming.

When bureaucracy and labor shortages extend the time of getting raw land ready for development, one increasingly popular strategy is to acquire a homebuilder with a pipeline of land and partially constructed homes that can deliver immediate revenue and profits, Jasinki said.

For the full article, subscribers may click here.