LHMRE’s Current Ability to Develop Land and Planned Acquisition of Residential Construction Capability Creates Synergies and Scalability
SANDY, UT (Jan. 11, 2022) – Larry H. Miller Real Estate (LHMRE), a portfolio company of the Larry H. Miller Group of Companies (LHM Group), announced today it plans to acquire Destination Homes’ residential construction business.
Destination Homes, a premier Utah homebuilder, founded by principals David Bailey and Brad Wilson, focuses its mission on building exceptional homes and lasting communities, and is a long-time partner of LHMRE.
“With the 2021 acquisition of the Daybreak master-planned community, plus other land holdings, acquiring a home building company allows us to further vertically integrate Larry H. Miller Real Estate,” said Steve Starks, Chief Executive Officer, the LHM Group. “Destination Homes is a highly respected builder with a strong culture and we couldn’t be more excited to welcome their great team to the Larry H. Miller family.”
“At Larry H. Miller Real Estate, having the ability to develop the land and participate in vertical construction creates synergies and scalability,” said Brad Holmes, President, LHMRE. “Destination Homes, along with our other construction partners, will continue to build within the Daybreak community in South Jordan, Utah. We also anticipate integrating Destination Homes into our other current and future land projects.”
“David and I built this business over the last 20 years to become one of the most respected home builders in the region,” said Brad Wilson, Principal, Destination Homes. “As we evaluated the company’s future, our primary goal was ensuring our mission continues. Given our long-standing relationship with LHMRE and the opportunity to combine organizations with similar values, both parties explored the potential transaction. We believe that this exciting next step will provide longevity for Destination Homes and create an opportunity for it to grow beyond its current potential. This acquisition by LHMRE will provide continued stability for our talented employees and the ability for Destination Homes to perform at a larger scale for the people of Utah and our region.”
“Customers can continue to expect the same high-quality craftsmanship and service from Destination Homes, which will retain its name,” said Scott Lalli, President, Destination Homes. “In the last 15 years, we have completed over 2,000 homes. Destination Homes currently has projects in Daybreak, where we were one of the original homebuilders, as well as Hill Farms, Windmill Estates, Towns on Main, and Wilcox Farms in Davis County, and Beacon Pointe in Utah County.”
Bailey, Wilson and Carter Owens, Destination Homes’ chief financial officer, plan to continue to focus their efforts on their multifamily business, Newtown Residential, and will not remain with Destination Homes. They are committed to helping support LHMRE and Destination Homes throughout the transition.
Terms of the transaction were not disclosed.
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About Larry H. Miller Real Estate
Established in 1986, Larry H. Miller Real Estate develops and manages a variety of real estate properties, including movie theatres, office space, mixed-use residential, townhomes, apartments, and construction projects.
About the Larry H. Miller Group of Companies
Headquartered in Sandy, Utah, the Larry H. Miller Group of Companies (LHM Group) is a privately-owned business, with operations located mainly across the western United States. As a diversified portfolio company, LHM Group’s focus falls within the primary categories of real estate, health care, finance, entertainment, sports, and long-term strategy and investments, as well as philanthropy. For more information, visit www.lhm.com.
About Destination Homes
Destination Homes was established in 2002 by David Bailey and Brad Wilson; two childhood next-door neighbors. In creating Destination Homes, they set out in building exceptional homes and making lasting communities. Destination Homes strives to be an efficient and energizing workplace that is passionate about beautiful architecture and well-designed communities that improve the lives of their homeowners. For more information about Destination Homes visit www.destinationhomes.com.
