Dream Finders Homes has acquired Beazer Homes in a $2.2 billion cash deal. Beazer Homes shareholders will receive $33.50 in cash for each share of common stock.
Atlanta-based Beazer Homes operates in 15 markets across 13 states and delivered 4,427 homes in 2025. Upon completion of the transaction, the combined company would become the sixth largest company on the Builder 100 list with approximately 13,000 annual closings.
Both companies have market presences in Atlanta; Phoenix; Virginia-Maryland-Washington, D.C.; San Antonio; Dallas; Houston; Nashville, Tennessee; Myrtle Beach and Charleston, South Carolina; Raleigh-Durham, North Carolina; and Orlando. The acquisition will expand Dream Finders’ portfolio into new markets in Indianapolis; Las Vegas; Sacramento and southern California; and Delaware. According to Zonda’s Local Leaders list, Dream Finders Homes has a top-10 market share in 10 of the nation’s 50 largest new-home markets while Beazer has a top-10 share in three markets.
“As someone who started Dream Finders from the ground up, I know what it takes to build a culture that puts home buyers first, and that’s exactly what I see in Beazer,” Patrick Zalupski, founder, CEO, and co-chairman of Dream Finders Homes, said. “They have built something genuinely special—a talented team, strong communities, and a culture that puts customers at the center of everything they do.”
The combined company will operate in 26 markets and approximately 520 active communities in high demand corridors, particularly in the Southeast and Texas. With an increased reach across both entry-level and move-up communities, the combined company is poised to serve a broader buyer base across multiple price points.
“Together, I believe we’ll build something enduring—a company with the scale to compete nationally, but always with the care and commitment that has defined both of our companies from day one,” Zalupski continued.
The companies said the combined operation will help enhance the home buying experience through utilization of Dream Finders’ in-house title insurance and mortgage banking capabilities. Dream Finders and Beazer expect to generate over $100 million in annual run-rate cost synergies from production efficiencies, purchasing improvements, reduced overhead costs, and the elimination of duplicate public company costs. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the fourth quarter of 2026.
The companies expect to deliver a double-digit percentage accretive to earrings per share in year one through strong revenue growth and rapid synergy realization. Dream Finders expects to continue executing its growth plans post-closing while maintaining its commitment to a 100% land-light strategy. The company has pledged to return to or improve current leverage metrics within 18 to 24 months.
“This transaction represents an important milestone for Dream Finders and reflects our board’s confidence in the strategic and financial merits of combining two leading companies,” Rick Beckwitt, co-chairman of Dream Finders, said. “We look forward to executing our strategy as a larger and even strong company and welcoming a very talented group of Beazer employees to the Dream Finders family.”
The deal comes after a months-long back and forth between the companies dating back to Dream Finders’ initial private offer in February. After rejecting several initial proposals in the spring and early summer, Beazer Homes expressed a willingness to enter discussions with Dream Finders in July.
“Over nearly 20 years, we have transformed Beazer into one of the nation’s largest home builders through a strategy focused on delivering on energy efficient homes and best-in-class customer experiences,” Allan Merrill, chairman, president, and CEO of Beazer Homes, said. “This transaction represents the culmination of a comprehensive review of opportunities to maximize value and provides Beazer shareholders with a significant and certain cash return in an uncertain market.”
Concurrently with the acquisition news, Beazer reported the financial results of its fiscal third quarter. The company grew net new orders and community count while experiencing annual declines in revenue and closings. Beazer reported a net loss of $4.2 million in the quarter. The builder cancelled its previously scheduled earnings call given the pending transaction with Dream Finders.
Goldman Sachs & Co., BofA Securities, Zelman Partners, and Vestra Advisors are acting as financial advisors to Dream Finders. J.P. Morgan Securities and Moelis & Company are acting as Beazer’s financial advisors.
