Utah business giant Larry H. Miller Group kicks off 2022 in the same way the local multi-channel operation went through 2021, announcing a new deal as part of an ongoing strategy to reorganize its operations.
On Tuesday, the group’s Larry H. Miller real estate holding company announced plans to acquire Utah residential construction company, Destination Homes. The company was co-founded by Utah House President Brad Wilson and is a longtime partner in the Miller Group’s real estate operations.
LHM Group CEO Steve Starks said the deal fits perfectly with another acquisition in 2021, the group’s purchase of the planned Daybreak community in southern Jordan.
“With the 2021 acquisition of the planned community of Daybreak, along with other land holdings, the acquisition of a homebuilding business allows us to further vertically integrate Larry H. Miller Real Estate,” said Starks in a statement. “Destination Homes is a well-respected builder with a strong culture and we couldn’t be more thrilled to welcome their great team to the Larry H. Miller family. “
Wilson said the deal creates an opportunity for Destination Homes to not only see continued growth but also to continue the vision he had for the business he founded with his partner David Bailey over two decades.
“David and I have built this business over the past 20 years to be one of the area’s most respected home builders,” Wilson said in a statement. “As we assess the future of the business, our main goal was to ensure the continuation of our mission. Given our long-standing relationship with LHMRE and the potential to combine organizations with similar values, both parties explored the potential transaction. “
“We believe this exciting next step will ensure the longevity of Destination Homes and create an opportunity for it to grow beyond its current potential,” he said. “This acquisition by LHMRE will provide continued stability for our talented employees and the ability of Destination Homes to operate on a larger scale for the people of Utah and our region.”
Wilson said announcing the sale to his Destination Homes employees on Tuesday afternoon was one of the most difficult things he has done as an owner, but he was strengthened by the fact that the group Miller would not only retain all current employees, but also continue to meet the high standards he and Bailey worked to create for both their product and their work environments.
“Thinking about what we just shared with our team and what is going on, I am truly grateful to have found a buyer who values what we have done and the team of people we have done it with. “Wilson said.
Starks said the past 13 months have been unprecedented for the Miller Group as the company has been involved in more than $ 5 billion in transactions and included both buyer and seller positions. These deals included the sale of Larry H. Miller auto dealers, a portfolio of more than 70 auto centers across the West all of which had been owned by the household name for more than four decades; the sale of the Utah Jazz to Qualtrics CEO Ryan Smith; the acquisition of Advanced Health Care Corp .; and the purchase of Daybreak.
Starks noted that real estate has always been an aspect of the Miller Companies, even dating back to founder Larry Miller’s quest to own the land for his car dealerships when the business was started. Now, the acquisition of Destination Homes, along with the work to be done at Daybreak, along with other current and future development projects, gives the company an integrated and essential business operation as it moves forward.
Destination Homes will retain its name and continue projects already underway in other Utah communities as the Miller Group assumes ownership responsibilities.
“Customers can continue to expect the same craftsmanship and high quality service from Destination Homes, which will retain its name,” said Scott Lalli, President of Destination Homes, in a statement. “Over the past 15 years, we have completed over 2,000 homes. Destination Homes currently has projects in Daybreak, where we were an early home builder, as well as Hill Farms, Windmill Estates, Towns on Main and Wilcox Farms in Davis County and Beacon Pointe in Utah County. .
And, Starks said the Miller Group is invested in taking a smart growth approach to further develop Daybreak and its other projects.
“We really see this as a generational opportunity to collectively plan for this growth in a smart way,” Starks told Deseret News in a September article on the Daybreak acquisition. “Really, we’re doing it because we love Utah. We feel a sense of stewardship to make sure that there is still the best place to raise a family, build a career, run a business and recreate yourself.
“Our organization and the Miller family have always been invested in this state and want to enrich the community, and we believe we are uniquely situated to bring people together and plan for this and ensure it is done in a smart, respectful manner. environmental and sustainable. – all the things Daybreak created, ”Starks said.
Other companies in the Miller group include the Larry H. Miller Management Corporation; Prestige Financial; Megaplex theaters; the A Salt Lake Bees triple baseball team; a minority-owned NBA G league team, the Salt Lake City Stars; and a minority stake in Utah Jazz.
Correction: An earlier version did not state that the Miller Group has a minority stake in the NBA G League Salt Lake City Stars team.