A Florida-based investment firm has purchased a well-known Dallas-based home buying company
HomeVestors of America Inc. – best known for its “We Buy Ugly Houses” marketing campaign – has been purchased by Bayview Asset Management LLC, a global investment management firm.
HomeVestors is a franchisor of rental home investors and has been in business since 1996.
The company was sold by Levine Leichtman Capital Partners. The Los Angeles-based investor had owned the HomeVestors since 2017.
“We could not be more grateful for Levine Leichtman Capital Partners’ support over the course of our partnership,” David Hicks, CEO of HomeVestors, said in a statement. “Levine Leichtman Capital Partners’ experience in franchising was key to our choice of a private equity partner given their quick understanding of our business and ability to offer valuable insight and guidance.
“While we will miss Levine Leichtman Capital Partners and their valuable strategic additions to the Company, we believe that HomeVestors’ best days are ahead of us, and we look forward to executing on that growth alongside Bayview.”
HomeVestors has purchased more than 110,000 houses since 1996, recruiting, training and supporting more than 1,150 independently owned and operated franchisees.
The company acquired almost 10,000 houses in 2021.
“HomeVestors has an exciting future as the leading franchisor of real estate investment services and largest home buyer in the U.S., and we wish the team continued success,” Matthew Frankel, Managing Partner of Levine Leichtman Capital Partners, said in a statement.
Terms of the sale were not disclosed. William Blair & Co. served as the lead financial advisor in the transaction with support from North Point, Kirkland & Ellis LLP and Locke Lord LLP.
