Clayton Properties Group Acquires Mungo Homes

Family-Owned Mungo Homes Joins Clayton's Family of Builders

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Dec 03, 2018, 09:20 ET

MARYVILLE, Tenn., Dec. 3, 2018 /PRNewswire/ -- Clayton Properties Group®, a division of Clayton Home Building Group® and a Berkshire Hathaway company, today acquired nationally recognized Mungo Homes (Mungo).

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Mungo Homes has been building new construction homes since 1954.

Mungo Homes also builds townhomes, in addition to single family homes.

Expanding first to Charleston, S.C., in 2003, Mungo Homes now builds in eight markets throughout South Carolina, North Carolina, Georgia and Alabama Mungo Master Bedroom: In 2012, Mungo was named America’s Best Builder by Builder magazine, which is based on overall excellence in homebuilding.

Founded in 1954 by Michael J. Mungo in Columbia, S.C., the multigenerational, previously family-owned and operated homebuilder is now led by CEO Steven Mungo. An award-winning builder, Mungo first expanded outside of the Columbia, S.C., market in 2003 to Charleston, S.C. Mungo now builds homes in eight markets throughout South Carolina, North Carolina, Georgia and Alabama, making them 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," said CEO Steven Mungo. "It creates the highest level of opportunity for our company as a whole while allowing us to retain our culture and corporate identity."

"Mungo Homes is a natural fit for our distinguished group of homebuilders," said Clayton Home Building Group President Keith Holdbrooks. "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. 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 Clayton Properties Group business model stays consistent as they partner with world-class companies in strong growth markets that share the same goals in their culture, innovation and commitment to customer and team member experience.

"Culture was the most important factor in this decision," said Mungo. "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."

In 2012, Mungo was named America's Best Builder by Builder magazine, which 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. That same year, the National Association of Home Builders honored Mungo as the National Green Advocate of the Year for hauSmart, Mungo's exclusive energy-efficiency program. The company was also recognized as the winner of the 2008 National Housing Quality Award and is the only South Carolina-based builder ever honored with this prestigious award.

Mungo sold nearly 1,800 homes in 2017. The company is ranked 33^rd 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. Their market footprint now reaches Alabama, Colorado, Georgia, Kansas, Missouri, Tennessee, Texas, Utah, Indiana, South Carolina and North Carolina. Clayton Properties Group is ranked 29 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.

Mungo was advised by Zelman and Associates for the transaction. For more information, visit www.claytonpropertiesgroup.com or www.mungo.com.

About Clayton
Founded in 1956, Clayton is proud of its history of providing affordable, quality homes. The company is committed to opening doors to a better life and helping to build happiness through homeownership. As a diverse builder committed to quality and durability, Clayton offers traditional site-built homes and prefabricated housing, including modular homes, manufactured housing, tiny homes, park model recreational vehicles, college dormitories, military barracks and apartments. Clayton Properties Group is the site-built division of Clayton Home Building Group and includes Chafin Communities, Goodall Homes, Summit Homes, Oakwood Homes, Harris Doyle Homes, Brohn Homes, Arbor Homes and Mungo Homes. Clayton is a Berkshire Hathaway company. For more information, visit www.claytonpropertiesgroup.com.

About Mungo Homes
Currently ranked the 33^rd largest builder in the country by Builder magazine, the Mungo family started building new homes in Columbia, South Carolina in 1954. With a track record of success based on quality, trust, and stability, Mungo Homes builds in eight markets throughout North Carolina, South Carolina, Georgia, and Alabama, and sold more than 1,800 homes in 2017.

Media Contact
Ryan Wilson
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SOURCE Clayton Properties Group