Denver-based Oakwood Homes bought
Oakwood Homes, the company started by prominent Denver political donor and businessman Pat Hamill, said Thursday it has been acquired by Clayton Properties Group, a division of Berkshire Hathaway. Terms of the deal were not disclosed.
Clayton Properties, based in Maryville, Tenn., acquired the approximately 18,000 lots that Oakwood owns and controls as a result of the deal, which was effective Monday, the companies said.
Founded in 1991 by Hamill, Oakwood is the fifth largest builder in Denver and the surrounding areas, according to Builderonline.com. The company says it is the largest privately owned homebuilder in Colorado.
“We are excited to join forces with Clayton,” Hamill, Oakwood’s chief executive, said in a statement. “This partnership is part of our strategic vision to continue our steady growth and to provide a very high standard of customer service for our loyal consumers, all while keeping our existing leadership team.”
Oakwood Homes is the fourth acquisition for Clayton. The company also owns homebuilding firms in Missouri, Tennessee and Georgia.
“Oakwood’s self-sustaining operating model, company culture and core values align well with Clayton’s, which is paramount when we acquire a company,” said Keith Holdbrooks, president of the Clayton home building group in a statement.
Oakwood Homes sold 1,200 homes throughout Colorado and Utah in 2016 and primarily services the Front Range. The company focuses on building affordable homes for first-time buyers.
Hamill was Denver Mayor Michael Hancock’s campaign finance chairman in 2015 and contributed to the campaign. In 2008, he was a leader of a coalition of business and organized labor officials that diffused a handful of contentious ballot measures that threatened the state’s economy. He co-founded the 21st Century High Tech Academy and the Foundation for Educational Excellence community education organizations.