Mungo Finds New Home With Berkshire Hathaway's Clayton Properties Group
Berkshire Hathaway's Clayton Properties Group, a division of Clayton Home Building Group, has acquired South Carolina-based home builder Mungo Homes.
Mungo Homes is now the largest home builder now under the Clayton Homes umbrella, building in 8 markets throughout the Southeastern states of Alabama, Georgia, and the Carolinas, and is the third acquisition by Clayton in 2018, and eighth overall. Mungo sold roughly 1,800 homes in 2017, and is projected to close on about 1,900 homes in 2018.
CEO Steven Mungo says of the partnership in a statement, "[This] 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,” adding, “It creates the highest level of opportunity for our company as a whole while allowing us to retain our culture and corporate identity.”
“Mungo Homes is a natural fit for our distinguished group of homebuilders,” said Clayton Home Building Group President Keith Holdbrooks. “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. The family‐like culture is a direct correlation to Mungo’s deep focus on team member and customer experience. 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."