M/I Homes, Inc. (NYSE:MHO) said Monday it has entered into a definitive purchase agreement to acquire the residential home building assets and operations of Pinnacle Homes, a home builder in the greater Detroit, Michigan market. The transaction is expected to close in March 2018.

Pinnacle currently controls more than 1,000 home sites and delivered 214 homes in 2017.

Robert H. Schottenstein, CEO of M/I Homes
Robert H. Schottenstein, CEO of M/I Homes.
Photo: Ohio Business Roundtable

Robert H. Schottenstein, CEO and president of M/I Homes, commented, “We are very excited to announce today that we are acquiring Pinnacle Homes and expanding our operations into the Detroit, Michigan market. We believe this acquisition represents an excellent strategic fit for M/I Homes and further enhances our market position with a well-established operation and land position in a dynamic and growing housing market. Pinnacle Homes was founded in 2005 by Howard Fingeroot and Steve Friedman, and has built a solid reputation for quality with attractive home designs in premier locations where Detroit area home buyers want to live.”

“We are also pleased that Howard Fingeroot will be joining the M/I Homes team in connection with the acquisition and will serve as our Area President overseeing the Detroit market,” Schottenstein continued. “Howard brings with him nearly 25 years of home building experience, knowledge and expertise and will capably lead our operations in this exciting market. We welcome Howard and his team to our company.”

Zelman Partners served as exclusive advisor to Pinnacle Homes.

M/I Homes, Inc., having sold more than 105,000 homes, operates under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes) and also currently operates under the name Hans Hagen Homes in its Minneapolis/St. Paul, Minnesota market. The company has home building operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.