More M&A activity surfaced as the new year began, this time in North Texas. The Dallas Morning News reports:
Misawa Homes America Inc., the U.S. subsidiary of Misawa Homes Co. Ltd. of Japan, has signed an agreement to buy 51 percent of Southlake-based Impression Homes. Misawa said it also plans to purchase the rest of the company over time.
Independent builder Impression Homes plans to sell about 580 houses in more than two dozen U.S. communities this year. The builder has had about 40 percent growth in the last year.
"Looking forward, the Impression Homes team and I will continue to manage the business with the same values the company was built on," Bruce Heikkinen, president and co-founder of Impression Homes, said in a statement. "While the acquisition will not affect the day-to-day operations of Impression, the partnership with Misawa Homes America will enhance our ability to continue to increase our land and lot positions and enter into new markets in Texas in the future."