Smith Douglas Homes Corp. (NYSE:SDHC) acquired Substantially All of the Assets of Devon Street Homes, L.P. on July 31, 2023. Stephen Ray will continue to lead the Houston division and all Devon Street associates have been offered positions with Smith Douglas. Whelan Advisory acted as the exclusive financial advisor to Devon Street Homes.

Smith Douglas Homes Corp. (NYSE:SDHC) completed the acquisition of Substantially All of the Assets of Devon Street Homes, L.P. for $83.9 million on July 31, 2023. Cal Smith of King & Spalding LLP acted as legal advisor to Smith Douglas Homes. Smith Douglas Homes funded the purchase price of $83.9 million, primarily from cash on hand, $72.0 million of draws on our Prior Credit Facility, a three-year promissory note in the principal amount of $5.0 million payable to the seller, and approximately $3.0 million contingent consideration to the seller. The contingent consideration will be paid to the seller upon the achievement of certain gross margin targets.