M/I Homes Closes Minneapolis/St. Paul Acquisition

Dec 01, 2015, 08:28 ET from M/I Homes, Inc.

COLUMBUS, Ohio, Dec. 1, 2015 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced today that it has successfully closed the acquisition of the residential homebuilding operations of Hans Hagen Homes, Inc., a premier homebuilder in the Minneapolis/St. Paul market.

Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes, commented, "We are excited to close this transaction and expand our operations into the Minneapolis/St. Paul market.  We believe this acquisition represents an excellent strategic fit for M/I Homes and further enhances our geographic position with an established position in a healthy and dynamic housing market." Hans Hagen Homes delivered 122 homes in 2014, with an average selling price of $351,000, making the company one of the top ten homebuilders in the market.

"We are also pleased to announce that Gary White has joined the M/I Homes team and will serve as our Area President overseeing the Minneapolis/St. Paul operation," Mr. Schottenstein continued.  "Gary brings with him more than 25 years of homebuilding experience, knowledge and expertise and will capably lead our operations in this exciting market.  We welcome Gary's leadership to our Company." 

M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 93,000 homes. The Company's homes are marketed and sold under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes).  The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Tampa and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements involve a number of risks and uncertainties.  Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission.  All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time.  We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.  However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

SOURCE M/I Homes, Inc.