Dream Finders Proposes $704 Million All-Cash Offer for Beazer Homes

Dream Finders Homes announced on May 11 that it had submitted a bid to acquire Beazer Homes for $704 million in an all-cash transaction that would create the nation’s seventh-largest homebuilder.

Dream Finders Homes’ offer of $25.75 per share represents a cash premium of about 40 percent over Beazer’s closing share price of $18.35 on May 5, the Jacksonville, Florida-based homebuilder stated in a news release. Shares of Atlanta-based Beazer closed up by more than 34 percent on May 11, while Dream Finders Homes shares rose by 4.96 percent.

Dream Finders Homes’ revised bid, submitted on May 5, comes on the heels of an initial unsolicited offer by the company’s owner, Patrick Zalupski, to acquire Beazer for $28.50 per share. Beazer’s share price dipped by 13 percent following its announcement on April 30 of a net loss of $900,000 for the quarter ended March 31, due to decreased sales and thinner margins.

“We believe our proposal delivers significant value at a substantial premium for Beazer’s shareholders,” Zalupski, who is also Dream Finders’ chairman and CEO, said in a statement.

Zalupski said that combining the two companies would create the seventh-largest homebuilder in the United States.

“[It] should expand opportunities for employees, enhance options and value to customers, and increase supply of attainable housing across the country. We are prepared to move swiftly to engage with Beazer’s Board to complete a transaction.”

Zalupski, who is also the majority owner and managing partner of the Tampa Bay Rays Major League Baseball team, said the Dream Finders acquisition strategy is driven by its ability to scale Beazer Homes through reduced costs, improved earnings, and diverse income streams.

Dream Finders reported total revenues of $4.37 billion in fiscal year 2025 with 8,608 home closings, versus total revenue of $2.37 billion on 4,427 home closings for Beazer Homes.

Dream Finders, which is one of Beazer Homes’ Top-10 largest shareholders, operates in 22 metropolitan markets across 10 states. Zalupski noted that he would have preferred a private acquisition but went public with his latest proposal in an effort to sway Beazer shareholders and its board of directors with Dream Finders’ all-cash proposal.

“We believe this transaction is a natural next step in our growth trajectory,” Zalupski said.

“We have successfully completed eight acquisitions since our initial public offering in 2021, deploying over $1 billion, and we have demonstrated our ability to execute land-light mergers and acquisitions, generate positive operating cash flows post-acquisition, and effectively integrate homebuilding operations, further enhancing our revenues and diversifying our geographical footprint.”

The acquisition would have little impact on Dream Finders Homes overall debt leverage due to its mezzanine equity and land-banking capital sources, the company said. Goldman Sachs, BofA Securities, Zelman and Associates, and Vestra Advisors are acting as financial advisers for Dream Finders Homes, with Foley and Lardner providing legal counsel.