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Berkshire Hathaway's Clayton Homes now owns Middle Tennessee's second largest homebuilder.
A subsidiary of billionaire investor Warren Buffett's Berkshire Hathaway has acquired Middle Tennessee's second largest homebuilder, continuing its expansion into building traditional homes.
Maryville, Tenn.-based Clayton Homes paid an undisclosed sum for Goodall Homes, which has its headquarters in Gallatin.
Clayton Homes, the nation's largest manufactured housing and modular home company, made a big push into the site-built housing or traditional homebuilding market through acquiring Buford, Ga.-based homebuilder Chafin Communities last fall.
It formed site-building arm Clayton Properties to expand its portfolio of housing options to homebuyers.
Clayton Homes' latest acquisition includes 180 homes that Goodall has under construction. It also has inherited roughly 3,600 lots across Middle Tennessee, including Goodall's finished and yet-to-be developed home sites in Williamson, Wilson, Sumner, Rutherford and Davidson counties.
Goodall Homes' owner and President Bob Goodall Jr. said after declining overtures from other suitors over the years he accepted Clayton Homes' offer because the two companies' cultures matched well. Another factor was Clayton Homes' commitment to retaining Goodall and his team, who through the deal will have more opportunities for professional growth and advancement, he said.
"We have been blessed with so many successful opportunities,” said Goodall, who founded Goodall Homes 33 years ago. "This acquisition will help our employees, trades, suppliers and our families continue on this path of growth for years to come. We are honored to be on the Clayton team and to contribute to the continued success of Berkshire Hathaway.”
Last year, Goodall Homes closed on 436 homes, ranking the homebuilder second in the Middle Tennessee market. Professional Builder magazine's 2014 National Builder of the Year expects to close on about 440 homes this year. Goodall Homes had revenues of just under $140 million last year, which was the highest among all homebuilders in Middle Tennessee.
Last year, Clayton built more than 34,000 homes. The company builds traditional site-built homes, modular homes, manufactured housing, “tiny” homes, college dormitories, military barracks and apartments.
"Adding great builders like Goodall to our team is exciting,” said Clayton home building group President Keith Holdbrooks. “As we continue to grow and expand into the site-built market, it is important to partner with teams that share our culture of providing an excellent customer experience."
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.