M/I Homes, a homebuilder with operations in Ohio, Indiana, Illinois, Minnesota, Florida, Texas, North Carolina, Virginia, and Maryland, is expanding into Michigan by acquiring Pinnacle Homes, a Detroit homebuilder.
According to information provided by the companies, Pinnacle currently controls more than 1,000 home sites and delivered 214 homes in 2017 in the Detroit area.
M/I Homes currently has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota 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.
In a release, Robert Schottenstein, CEO and president of M/I Homes, said that the company is “very excited” to expand into Detroit by acquiring Pinnacle Homes.
“We believe this acquisition represents an excellent strategic fit for M/I Homes and further enhances our market position with a well-established operation and land position in a dynamic and growing housing market,” Schottenstein said.
“Pinnacle Homes was founded in 2005 by Howard Fingeroot and Steve Friedman, and has built a solid reputation for quality with attractive home designs in premier locations where Detroit area homebuyers want to live.” Schottenstein added.
According to Schottenstein, Fingeroot will be joining the M/I Homes team as part of the deal, serving as the company’s area president overseeing the Detroit market.
“Howard brings with him nearly 25 years of homebuilding experience, knowledge and expertise and will capably lead our operations in this exciting market,” Schottenstein said. “We welcome Howard and his team to our company.”
The companies expect the deal to close in March 2018. Financial terms of the deal were not disclosed.
