A Columbia-based home builder is now under a new roof.
Clayton Properties Group, a division of Clayton Home Building Group and a Berkshire Hathaway company, acquired Mungo Homes Monday. Terms were not disclosed.
The family-owned Mungo was founded in 1954 by Michael J. Mungo in the Midlands and is now led by CEO Steven Mungo.
The firm first expanded outside of Columbia in 2003 to Charleston and now builds homes in eight markets throughout South Carolina, North Carolina, Georgia and Alabama, making it the largest builder to join Clayton Properties Group.
“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 said. “It creates the highest level of opportunity for our company as a whole while allowing us to retain our culture and corporate identity.”
A Clayton official called Mungo a natural fit in strong growth markets.
"The family-like culture is a direct correlation to Mungo’s deep focus on team member and customer experience," said Clayton Home Building Group President Keith Holdbrooks. "Mungo’s tenure in the industry is paramount, and we look forward to coupling this with the talents of our other builders to pursue innovation in housing together.”
The buyer's company culture played a key role in the sale, 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," Mungo said. "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.”
In 2012, Mungo was named America’s Best Builder by Builder magazine. The award is based on overall excellence in homebuilding and is determined by finance and operations, design and construction, customer service and quality, community and industry service and marketing.
Mungo sold nearly 1,800 homes in 2017. The company is ranked 33rd on the 2018 Builder Magazine’s Builder 100 list and is projected to close on approximately 1,900 homes in 2018.
Mungo is the eighth acquisition for Clayton Properties Group, and the third this year. Clayton's market footprint now reaches into Alabama, Colorado, Georgia, Kansas, Missouri, Tennessee, Texas, Utah, Indiana, South Carolina and North Carolina.
Clayton Properties Group is ranked 29th on the 2018 Builder Magazine’s Builder 100 list, and with the addition of Mungo, is on pace to build over 4,200 homes by the end of 2018.