Dominion Homes announced that it intends to take the company private in a 65 cents per share deal that was announced last Friday after the market closed.
The buyout group consists of companies affiliated with Angelo Gordon & Co., Silver Point Capital, and the builder's largest shareholder, BRC Properties. Douglas Borror, a principal of BRC Properties, will remain on as chairman and CEO of the home builder.
"The home building industry continues to be in a very difficult period," said Borror, in a company press release. "This transaction will allow Dominion Homes to continue our 55-year tradition of building quality homes that exceed our customers' expectations," he said.
Once the deal closes later this year, the home builder will then be privately held by Dominion Holding Corp., a Delaware corporation that will be controlled by the buyout group.