Mungo Homes, founded in Columbia in 1954, has been acquired by Clayton Properties Group, a division of Clayton Home Building group and a Berkshire Hathaway company.
Mungo, which builds houses in eight markets in South Carolina, North Carolina, Georgia and Alabama, sold more than 1,800 homes in 2017 and is projected to close on approximately 1,900 homes in 2018, according to a news release.
Clayton Properties Group, which builds in 11 states, is on pace to build more than 4,200 homes this year, the release said. Mungo is the eighth acquisition for the company and third in 2018.
“Clayton’s partnership equips our team with innovative tools and technologies, superior leadership training and purchasing power that allows us to continue to grow Mungo with a focus on stability, team members and customers,” Mungo CEO Steven Mungo said in the release. “It creates the highest level of opportunity for our company as a whole while allowing us to retain our culture and corporate identity.”
Mungo, ranked 33rd on Builder Magazine’s Builder 100 list in 2018, was named America’s Best Builder by the publication in 2012, an award based on overall industry excellence. Mungo was also recognized with the 2008 National Housing Quality Award and is the only S.C.-based builder to achieve that honor, according to Mungo’s website.
Mungo was also named the 2012 National Green Advocate of the Year by the National Association of Home Builders for its energy-saving hauSmart program.
“Mungo Homes is a natural fit for our distinguished group of homebuilders,” Clayton Home Building Group president Keith Holdbrooks said. “Their pillars of success stem from a longevity in the home building industry that is over 60 years old and began when Steven’s father, Michael Mungo, founded the company. The family-like culture is a direct correlation to Mungo’s deep focus on team member and customer experience.”
Clayton Properties Group, founded in 1956 and ranked No. 29 on the 2018 Builder Magazine’s Builder 100 list, now has a presence in Alabama, Colorado, Georgia, Kansas, Missouri, Tennessee, Texas, Utah, Indiana, South Carolina and North Carolina.
Zelman and Associates advised Mungo Homes in the transaction.
“Culture was the most important factor in this decision,” Steven Mungo said. “We’ve had offers and overtures from many public home builders over the years, but we never wanted to become part of something that didn’t stand for anything. It was also the most important factor for Clayton. Our strong management and commitment to our communities and team members are qualities that can be found in each of the builders in Clayton Properties Group.”