(BRK.A), (BRK.B)
Berkshire Hathaway’s Clayton Homes has continued to expand its footprint in the site-built homes market with the acquisition of a site-building company in the Boise, Idaho metro area.
Summit Homes, a subsidiary of Berkshire’s Clayton Properties Group, has acquired Berkeley Building Co., a top residential home builder and developer based in Meridian, Idaho. The acquisition took place on May 3.
Berkeley will continue to operate under the Berkeley Building Co. brand name in its current new home communities in Boise metro, with Joe Atalla, Founder, overseeing operations. Heather Atalla will continue as Berkeley’s Founder/CFO and Jenna Englund will maintain her role as President of Berkeley, as well as the other members of their team. The addition of Berkeley will allow Summit to expand its new home footprint into Idaho as well as provide an entry into the Boise new home market.
“We are thrilled to expand into the Boise market and welcome Berkeley to the Summit family,” said Fred Delibero, CEO of Summit Homes. “It was clear that both companies share very similar core values and cultural alignment. We are both focused on providing a high-level of customer experience to our new home buyers.”
Joe Atalla launched Berkeley Building Co. in 2008 in Boise, Idaho. Berkeley currently builds in seven new home communities in the Boise market. The new home builder is also known for its commitment to charitable giving and has been a longtime supporter of St. Jude Research Hospital through its building of the St. Jude Dream Home for over a decade.
“We are excited for the opportunity to not only partner with Summit Homes and join Clayton Properties Group, but to also join the Berkshire Hathaway family,” said Joe Atalla. “Joining forces just makes sense as we are all working toward common goals: to provide a first-class homebuilding experience and provide extraordinary resources to our team members to grow and develop, both of which will be enhanced through this partnership.”
“Berkeley’s success as a builder is an impressive testament to their passion, talent and values. They have developed an outstanding team that builds exceptional homes while upholding the experience as their top priority,” said Delibero. “We could not be more excited about the future and the opportunities this will bring our buyers and team members.”
Berkeley Building Co. is the eleventh site-builder that Clayton Homes has acquired since it first started adding site-builders in 2016.
Acquired by Berkshire Hathaway in 2003 for $1.7 billion, Clayton Homes has grown into a diverse builder offering traditional site-built homes, modular homes, manufactured homes, tiny homes, college dormitories, military barracks and apartments.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee