DRB Group acquisition of Atlanta Private Builder Knight Homes
ROCKVILLE, MD, UNITED STATES, October 29, 2020 /EINPresswire.com/ — Rockville, MD (October 29, 2020) – Since its partnership with Sumitomo Forestry America, Inc. in 2016, the #25 largest homebuilder in the nation – DRB Group (“DRB”) – has continued to expand its organization. Under CEO Ronny Salameh, DRB has strengthened its hold on the mid-Atlantic region by increasing both market share and brand offerings. The multi-brand platform includes flagship Dan Ryan Builders, Elevate Homes (Active Adult), Fielding Homes and DRB Coastal.
Today, DRB announced it has signed a definitive agreement with the Knight family to acquire substantially all of the assets of Knight Homes. The two companies expect to close the transaction in the fourth quarter of 2020. Founded in 1978 by brothers Perry and Scott Knight, who started the company as framing contractors, Knight Homes is the second largest private builder and a top 10 builder overall in the Atlanta market closing approximately 750 homes in 2020. Knight currently builds in the following areas: South Atlanta, Middle Georgia and Auburn, Alabama. The addition of Knight Homes to DRB as its new Atlanta division will expand DRB’s footprint to nine Mid-Atlantic states. Chris Knight, along with Jay Knight and Amanda Knight Statham, will continue to lead the Atlanta division which will be rebranded over time as Dan Ryan Builders. This transaction gives DRB an instant and significant foothold in a market that boasts nearly 30,000 annual new home permits. In a November 2018 article, Builder Online referred to DRB as “… a deep-scaled eastern seaboard powerhouse…” The inclusion of Knight Homes with DRB further strengthens DRB’s reputation as an efficient and well-run growth engine for DRB’s parent company, Sumitomo Forestry America, Inc.
CEO Salameh notes, “This opportunity aligns with our vision of expanding further into the competitive Southeastern markets. What solidified our decision was meeting the Knight family. It was clear that our companies share a family background as privately run homebuilders, core values about the treatment of our customers and employees and similar cultural alignment. All in all, this is an incredible and exciting opportunity for both organizations to grow.”
Since inception, DRB has built over 23,000 new homes and Knight Homes over 9,000 new homes. Chris Knight, who will serve as the Atlanta Division President says, “We have been extremely impressed by everyone we’ve met at DRB and are excited and thankful to be joining the DRB team. This opportunity will allow us to continue fulfilling our mission of building an enduring legacy of integrity and value. We will not lose sight of the honor and responsibility we have to provide the place that people call home. DRB’s core values are our core values. We could not be more excited about the future.” Jay Knight will serve as VP of Land Acquisition and he agrees, “For the on-going benefit of our customers and employees, the timing for partnering with DRB makes sense and much like us, they believe in building well-crafted homes and doing things the right way with a sense of urgency and passion.”
Zelman served as the exclusive financial advisor to Knight Homes and Smith, Gambrell & Russell, LLP served as Knight’s legal advisor. Falls River Group, LLC served as financial advisor to DRB and Davis Wright Tremaine LLP served as DRB’s legal advisor.
About DRB Group | www.drbgroup.com
DRB Group is a growing dynamic organization that is the parent company for four residential homebuilders, a title company and the residential development services branch that provides entitlement, development and construction services for outside investors. DRB Group operates in seven states and fifteen metro markets across the mid-Atlantic region.
Source: EIN Presswire