DiamondHead Holdings and Great Southern Homes announce closing of business combination to form United Homes Group
March 31, 2023
DiamondHead Holdings Corp. (“DiamondHead”)(NASDAQ: DHHC), a special purpose acquisition company, and Great Southern Homes, Inc. (“Great Southern Homes”), one of the largest homebuilders in the Southeast, jointly announced that they have closed their previously announced business combination. With the closing, DiamondHead Holdings Corp. has been renamed “United Homes Group, Inc.”, and its common stock began trading on The Nasdaq Stock Market under the ticker symbol “UHG” on March 31, 2023.
Great Southern Homes is one of the largest homebuilders in the Southeast, and builds homes in South Carolina and Georgia, and is expanding into North Carolina. Great Southern Homes focuses on the entry level and first time move up home buyer segments, and plans to employ a capital efficient “land-light” operating model that is expected to generate higher returns with lower cyclical risk compared to a traditional homebuilding operating model. Through organic growth, Great Southern Homes has become the 25th ranked starter-home builder and the 41st ranked single-family detached home builder in the United States, respectively, based on 2021 home closings according to Pro Builder’s 2022 Housing Giants Report.
Great Southern Homes’ Chief Executive Officer and Founder, Michael Nieri, and the current management team of Great Southern Homes will continue on to lead United Homes Group. DiamondHead Co-Chief Executive Officers David Hamamoto and Michael Bayles will join the Company as Directors, while DiamondHead Chief Financial Officer Keith Feldman will join the Company as its Chief Financial Officer.
“Today marks an important milestone in the evolution of our Company,” said Michael Nieri, CEO of United Homes Group. “With the closing of our business combination with DiamondHead Holdings Corp., Great Southern Homes becomes United Homes Group, a publicly traded homebuilder with a proven track record of consistent profitability and homebuilding excellence. The Great Southern Homes brand, with hard-won reputation and consumer recognition, will continue as a builder label with United Homes Group.”
About United Homes Group
United Homes Group is one of the largest homebuilders in the southeast, with an emphasis on affordable entry-level homes. Headquartered in Columbia, South Carolina, the Company focuses on high-growth markets within the southeast where rapid population and job growth provide dynamic opportunities. United Homes Group operates with a land-light operating model that is capital efficient, reduces risk, and drives improved returns.
Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
