Beazer Homes stockholders voted Thursday, Oct. 15, to approve the company's sale to Dream Finders Homes, clearing one of the last hurdles in a deal that will put two large builders under one Jacksonville-based roof.
According to the announcement on Dream Finders' investor relations site, the vote came at a special meeting held that day. The companies had already received early termination of the federal antitrust waiting period under the Hart-Scott-Rodino Act. Dream Finders said it expects to complete the acquisition on Tuesday, Oct. 20, using funds it has already disclosed as available or committed. The company described the approval as overwhelming but did not publish the vote count in its release.
The terms
The deal was announced Aug. 7. Under the terms in that release, which Dream Finders filed with the Securities and Exchange Commission, Beazer stockholders will receive $33.50 in cash per share. That puts the enterprise value at about $2.2 billion, or about 0.8 times Beazer's book value. Dream Finders' SEC filing says the merger agreement was signed Aug. 6 and that Beazer will survive as a wholly owned subsidiary of Dream Finders.
Dream Finders said it would pay for the deal with existing capital and committed financing from Goldman Sachs, Bank of America and affiliates of Kennedy Lewis Asset Management. The company said it will keep its "100% land-light" strategy; its corporate profile describes an asset-light homebuilding model. It also said it intends to bring its leverage back to current levels or better within 18 to 24 months of closing.
Both boards approved the agreement unanimously.
What the combined company looks like
Beazer is headquartered in Atlanta and builds in 15 markets across 13 states, with an emphasis on energy-efficient homes. Dream Finders builds in Florida, Texas, Tennessee, the Carolinas, Georgia, Colorado, Arizona and the Washington, D.C., area, including Northern Virginia and Maryland. Its subsidiaries also provide mortgage, title agency and title underwriting services.
Once combined, the companies say they will operate in 26 markets with about 520 active communities, covering 26 of the country's 50 largest metro areas. Ranked by 2025 revenue among U.S.-based builders, that would make it the sixth-largest homebuilder in the country. Dream Finders founder and CEO Patrick Zalupski called the purchase "the next meaningful step in our journey to become a top 5 national homebuilder."
Beazer chairman and CEO Allan P. Merrill said in August that the sale gives stockholders "a significant and certain cash return in an uncertain market." The Aug. 7 release misspells his first name as "Alan" in one quote.
On its own, Dream Finders is projecting about 9,250 home closings for 2026. That outlook does not include any closings from Beazer's operations after the deal closes.
The companies say the deal will produce more than $100 million a year in cost savings once fully in place. The sources listed in the August release are production efficiencies, purchasing improvements, lower overhead, cutting duplicate public-company costs, capturing more buyers' mortgage and title business, and lower insurance costs. The release also mentions shorter cycle times and lower unit costs.
Neither release explains how Beazer's local divisions, brand or supplier and trade contracts will be handled after closing.
Why it matters for Contractors
For trade contractors who build for Beazer, the ownership change could take effect as soon as Tuesday. Under the merger agreement, Beazer stays in place as a subsidiary rather than being dissolved. Dream Finders has told investors that much of the more than $100 million in planned savings will come from purchasing and production. That is the part of a builder that sets pricing, scopes, schedules and vendor lists for framers, roofers, plumbers, electricians, drywall and concrete crews, and suppliers.
The change matters most in metros where both builders already work, because that is where divisions and trade lists could overlap. Neither company has said which divisions will be combined or how vendor lists will be merged, and neither has published a list of overlapping markets.
Contractors with Beazer work under way should confirm their purchasing and field contacts for after Oct. 20, ask in writing whether insurance or compliance requirements will change, and make sure payment terms and draw schedules on current jobs stay as contracted. Contractors working for Dream Finders should ask whether added Beazer communities will open new bid packages in their markets.