M/I Homes acquires home builder

M/I Homes has entered into a purchase agreement to acquire the residential home-building operations of Hans Hagen Homes, a privately held home builder. This marks M/I Homes' entry into the Minneapolis/St. Paul housing market, which will represent its 14th housing division.

The transaction is expected to close in the fourth quarter of 2015, subject to the satisfaction of certain closing conditions.

"We are excited to expand into the Minneapolis/St. Paul market by acquiring the residential homebuilding operations of Hans Hagen Homes,” said Robert H. Schottenstein, CEO and president of M/I Homes. “The company has a strong reputation as a builder of high quality homes, and we are confident that we can build on that reputation and continue the company's long track record of success.  We believe this acquisition represents a good strategic fit for M/I Homes and further enhances our geographic position with an established top-ten position in a dynamic, growing housing market."

Founded in 1965, Hans Hagen Homes delivered 122 homes in 2014, with an average selling price of $351,000. The builder sells new homes for first-time and move-up home buyers.