New Home Co. will take Landsea Homes private in a deal that values the publicly traded builder at $1.2 billion.
“Our acquisition of Landsea Homes is an important next step in New Home’s long-term growth strategy,” said Matthew Zaist, president and CEO of New Home Co. “By bringing together two highly complementary businesses and teams with shared customer-first values, we will further scale our platform nationally.”
According to the 2025 BUILDER 100 database, New Home Co. is the 62nd largest builder in the country with 1,123 closings and revenue of $927 million. Landsea is the larger of the two companies at No. 33, with 2,831 closings and $1.4 billion in revenue.
Whelan Advisory Capital Markets founder and CEO Margaret Whelan, speaking at the Builder 100 conference last week, predicted a rash of deals in 2025 because there are more buyers with capital than ever before. Public and private builders, as well as foreign companies, are all looking to grow market share in the U.S. market via acquisition.
The influx of active buyers means the merger and acquisition market is a seller’s market. The interest in each deal means many companies are selling at a premium—two times book value—well above what many public builders are trading at in the current market.
New Home offered Landsea Homes shareholders $11.30 per share in cash—61% higher than Landsea Homes’ closing price on May 12.
“This transaction underscores our high conviction in the housing market opportunity and the teams at New Home and Landsea Homes,” said Peter Sinensky, partner at New Home’s owner Apollo Global Management.
“Both companies are on attractive growth trajectories individually, which will be further accelerated and augmented by this combination. We believe the companies’ shared vision as well as cultural and operational alignment is a winning formula for success, and we are pleased to continue supporting the business with Apollo’s considerable resources behind it.”
When the deal closes, Landsea Homes will become a privately held company, and its common stock will no longer be listed on Nasdaq. Zaist will lead the new company.
This transaction is supported by the Apollo Funds, the majority shareholder of New Home since 2021, which is committing $650 million of new cash equity. Millrose Properties is providing committed land banking capital.
“This merger is a reflection of today’s housing market,” said Zonda chief economist Ali Wolf. “In an environment where land prices are high, building material costs are rising, and consumers are showing an acute sensitivity to housing affordability, economies of scale are key, and this larger organization should see many benefits.”
