Mungo Homes sold to Tennessee-based Clayton Properties Group
It was announced Monday morning that Columbia-based Mungo Homes has been acquired by Clayton Properties Group, a Berkshire Hathaway company, based out of Tennessee.
Mungo was founded in 1954 by Michael J. Mungo in Columbia, the previously family-owned and operated homebuilder is now led by CEO Steven Mungo. The company first expanded outside of the Columbia market in 2003 to Charleston. Mungo now builds homes in eight markets throughout South Carolina, North Carolina, Georgia and Alabama. They are the largest builder to join the Clayton Properties Group, according to the announcement.
“Clayton’s partnership equips our team with innovative tools and technologies, superior leadership training and purchasing power that allows us to continue to grow Mungo with a focus on stability, team members and customers,” Steven Mungo said. “It creates the highest level of opportunity for our company as a whole while allowing us to retain our culture and corporate identity.”
Clayton Home Building Group President Keith Holdbrooks said Mungo Homes is a natural fit for their group of homebuilders. “Their pillars of success stem from a longevity in the home building industry that is over 60 years old and began when Steven’s father, Michael Mungo, founded the company. Mungo’s tenure in the industry is paramount, and we look forward to coupling this with the talents of our other builders to pursue innovation in housing together,” he said.
The company sold nearly 1,800 homes in 2017. Mungo is ranked 33rd in the 2018 Builder Magazine’s Builder 100 list and is projected to close on approximately 1,900 homes in 2018.
Mungo is the eighth acquisition for Clayton Properties Group, and the third this year. Their market footprint reaches Alabama, Colorado, Georgia, Kansas, Missouri, Tennessee, Texas, Utah, Indiana, South Carolina and North Carolina.