D.R. Horton—the No. 1 builder on the 2022 Builder 100—announced the acquisition of Riggins Custom Homes, one of the largest builders in Northwest Arkansas. The builder expects to pay approximately $107 million in cash for the purchase, and the company plans to combine the Riggins operations with the current D.R. Horton platform in the area.
The home building assets of Riggins Custom Homes and related entities acquired include approximately 3,000 lots, 170 homes in inventory, and 173 homes in sales order backlog.
“We are excited for the Riggins team to join the D.R. Horton family,” says Donald R. Horton, chairman of the board. “Their quality building operations and local market expertise make Riggins an excellent extension as we grow our local startup market position in Northwest Arkansas.”
For the trailing 12 months ended Nov. 30, Riggins closed 153 homes—$48 million in revenue—with an average home size of approximately 1,925 square feet and an average sales price of $313,600.
“We have truly enjoyed serving our clients and providing quality homes in Northwest Arkansas for the last 30 years,” says Darin and Kevin Riggins. “Riggins Custom Homes wouldn’t be where it is today without the help of our amazing employees, vendors, and subcontractors. We are excited and look forward to seeing the great value D.R. Horton will bring to the families of Northwest Arkansas.”