OSAKA,
Japan and DENVER,
April 19,
2024 /PRNewswire/ -- Sekisui House, Ltd. ("Sekisui
House") (TSE:1928), through SH Residential Holdings, LLC, a
subsidiary of Sekisui House US Holdings, LLC, its U.S. business
controlling company (the "Sekisui House Group"), today announced
that it has completed its acquisition of M.D.C. Holdings, Inc.
("MDC") (NYSE: MDC), one of the leading homebuilders in the U.S.
delivering high-quality homes over the past 50 years.
Adding MDC to Woodside Homes,
Holt Homes, Chesmar Homes and Hubble Homes, Sekisui House Group
will have an annual supply of approximately 15,000
units1 in 16 states in the U.S. With this addition,
Sekisui House expects to achieve its goal of supplying 10,000
detached homes in overseas markets by fiscal year 2025, ahead of
schedule.
Going forward, Sekisui House will continue to supply
high-quality detached homes by leveraging MDC's solid platform of
high-level business processes and systems and promoting the
implantation of Sekisui House technologies, thereby realizing its
global vision of "Making Our Home the Happiest Place in the World"
in the United States.
"We are excited to welcome MDC's management and employees to the
Sekisui House team," said Yoshihiro
Nakai, Representative Director of the Board President,
Executive Officer and CEO of Sekisui House. "Today marks a
significant advancement of our strategy to expand in the U.S. and
bring the value of our philosophies and technology to U.S.
homebuilding. With MDC joining our group, we believe that we can
become a one-of-a-kind entity in the U.S. by combining Japanese and
U.S. technologies, and above all, sharing our passion for providing
quality housing."
"The demand for high quality homes in the U.S. market remains
high, and in line with our global vision of 'making our homes the
happiest places in the world,' we will increase opportunities for
U.S. customers to purchase high quality, environmentally friendly
homes that they can cherish for many years to come," said
Toru Tsuji, CEO of SH Residential
Holdings, LLC and Executive Officer of Sekisui House. "We look
forward to welcoming the MDC team to our own and working together
towards continued growth and success."
Larry Mizel, Founder and
Executive Chairman and David
Mandarich, President, CEO and Director of MDC, said, "After
50 years of standalone growth, today marks an incredible new
chapter for MDC as part of Sekisui House to position MDC for
another 50 years of success. We are excited about the opportunities
for growth, for our team members and within our customer offering.
Now that the transaction is complete, we look forward to supporting
a seamless integration."
Sekisui House acquired MDC for $63.00 per share in cash, representing a
transaction equity value of US $4.9
billion. The acquisition was completed on April 19, 2024, US Eastern Time. In connection
with the acquisition, MDC will be delisted from the New York Stock
Exchange (NYSE).
Advisors
Moelis & Company LLC and Mitsubishi UFJ Morgan Stanley
Securities are acting as financial advisors to Sekisui House.
Hearthstone, Inc. is acting as real estate advisor to Sekisui
House. Morrison Foerster LLP is acting as a legal advisor to
Sekisui House.
Vestra Advisors, LLC is acting as exclusive financial advisor to
MDC and Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Brownstein Hyatt Farber Schreck, LLP
are acting as MDC's legal advisors.
About Sekisui House
Sekisui House is a top-tier house manufacturer in Japan, engaging in custom detached houses,
rental housing, architectural/civil engineering, remodeling, real
estate management, houses for sale, condominiums, urban
redevelopment and overseas business, with a global vision to "make
home the happiest place in the world". Having delivered 2,662,183
homes worldwide since its establishment (as of January 31, 2024), Sekisui House has footprints
in Japan, the U.S., Australia, Singapore, and the U.K. Sekisui House also
aims to contribute to solving environmental and social issues as a
leading company in ESG management through providing homes.
About M.D.C. Holdings
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding
subsidiaries, which operate under the name Richmond American Homes,
have helped more than 240,000 homebuyers achieve the American Dream
since 1977. One of the largest homebuilders in the nation, MDC is
committed to quality and value that is reflected in each home its
subsidiaries build. The Richmond American companies have operations
in Alabama, Arizona, California, Colorado, Florida, Idaho, Maryland, Nevada, New
Mexico, Oregon,
Pennsylvania, Tennessee, Texas, Utah,
Virginia and Washington. Mortgage lending, insurance and
title services are offered by the following MDC subsidiaries,
respectively: HomeAmerican Mortgage Corporation, American Home
Insurance Agency, Inc. and American Home Title and Escrow
Company.
Sekisui House Contact Information
Inquiries from non-US media:
Shinichi Terasawa / Sakito
Motoe
Public Relations Office
+81-6-6440-3021
Inquiries from US media:
Nick Lamplough / Ed Hammond / Clayton
Erwin
Collected Strategies
+1-212-379-2072
Inquiries from investors:
Hiroyuki Kawabata
Operating Officer, Head of Investor Relations Department
info-ir@qz.sekisuihouse.co.jp
MDC Contact Information
Inquiries from investors:
Derek R. Kimmerle
Vice President and Chief Accounting Officer
+1-866-424-3395
IR@mdch.com
1 Number of housing completions based on fiscal
year 2022
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SOURCE Sekisui House, Ltd.