M&A · Industrials · Operative Builders
New Home Co. to acquire Landsea Homes Corp
Announced May 12, 2025 · Closed Jun 25, 2025
Deal value$1.20BEV $1.20B
Premium61.0%To unaffected price
EV / Adj. EBITDA41.1x0.8x EV / Revenue
ConsiderationAll cash$11.30 per share
Transaction
- Acquirer
- New Home Co.
- Target
- Landsea Homes Corp (LSEA)
- Buyer type
- Strategic
- Offer price per share
- $11.30
- Enterprise value
- $1.20B
- Status
- Closed Jun 25, 2025
Deal protections
- Break fee (target pays)
- $28.2M · 2.4%
- Reverse fee (buyer pays)
- $17.0M · 1.4%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan, RBC Capital Markets, Vestra Advisors, Wells Fargo
- To the target
- Moelis
Sector context · Industrials
- Comparable deals
- 86 in the prior 24 months
- Premium
- 61.0% vs. 37.5% sector median
- EV / Adj. EBITDA
- 41.1x vs. 9.1x sector median
- Break fee
- 2.4% vs. 2.8% sector median
Timeline
- AnnouncedMay 12, 2025
- Tender offerMay 13, 2025
- ClosedJun 25, 2025
Valuation · fairness opinions
Trading comparables$6.42$8.56
Discounted cash flow$6.67$13.28
Precedent transactions$10.52$19.81
Trading comparables$9.33$12.00
52-week trading range$5.64$13.68
Offer $11.30
Implied value per Landsea Homes Corp share by analysis, from Moelis.