Deal expands the builder's footprint in the Dayton, Cincinnati and Louisville markets.
Fischer Homes, Erlanger, Kentucky said late Tuesday it has purchased the majority of the single-family land assets of Cincinnati-based Inverness Homes.
Established in 1994, Inverness Homes has constructed more than 4,000 homes throughout Dayton, Cincinnati, and Louisville areas. Privately held Fischer Homes is the 30th largest home builder in the U.S., with over 27,000 homes built and has been in business for nearly 40 years since 1980.
The acquisition expands Fischer Homes footprint in the Dayton, Cincinnati, and Louisville markets. The company is currently the market leader in both the Cincinnati and Louisville MSAs and has a community in Springboro, Ohio, which is just south of Dayton.
Bob Hawksley, CEO of Fischer Homes, commented, “These land positions will enable us to effectively meet the rapidly growing housing demand in Cincinnati, Dayton, and Louisville markets. This expansion further allows us to deliver on our strategic growth plan and add to our portfolio of communities that stand the test of time.”
Led by Jeff Hollowell, Inverness Homes has been in the market for the past 25 years. Fischer Homes said it will add value by bringing its architectural design capabilities and community planning process to Inverness communities and future developments in the region.
Louis Guttman, CEO of Inverness Homes, said, “After exploring various options and getting to know the executive management team at Fischer Homes, it became apparent that Fischer Homes would be the best fit to continue providing the outstanding quality and service the Inverness team has provided our customers the past 25 years. Their reputation for exceptional customer satisfaction and innovative home and community design has served them well for the past 40 years.”
Inverness will continue its business operations with the primary focus on developing land while maintaining an appropriate staff to ensure the construction and warranty service. All homes sold by Inverness Homes will be completed to the standards and specifications at the time the homes were purchased.
Beginning January 1, 2020, Fischer Homes will be coordinating the completion of all Inverness homes under construction as well as providing oversight of all homes within the 1-year warranty period. Fischer Homes used a similar acquisition model when they purchased Dogwood Homes in Louisville two years ago.
“With this transition comes many exciting opportunities, including working with the talented team at Inverness,” said Tim McMahon, president and COO of Fischer Homes. “Their focus on quality and taking care of the customer align with the foundation that our company was built upon.”