United Homes Group Announces New Raleigh, NC Division

Rhea-AI Summary

United Homes Group, Inc. is opening a new division in Raleigh, NC, led by Brian Herring. The division will operate under the Great Southern Homes brand and focus on building homes for entry-level and first-time move-up buyers. Raleigh is a high-growth market with significant migration and a healthy job market. The new division provides UHG with a strategic foothold in the market.

Positive

• United Homes Group is expanding into the high-growth Raleigh market.
• Raleigh is the 10th largest market in the nation with significant migration and a healthy job market.

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• None.

COLUMBIA, S.C.--(BUSINESS WIRE)-- United Homes Group, Inc. (“UHG”) (NASDAQ: UHG), a leading homebuilder in the Southeast, today announced that it is opening a new division in the Raleigh, NC, area. The new division, formerly Herring Homes, will be led by Brian Herring and will operate under the Great Southern Homes brand. Herring has over 20 years’ experience in the industry, previously serving as President and CEO of Herring Homes, which he founded in 2019. Herring brings with him a seasoned team with many years of experience in the homebuilding industry. This team shares GSH’s focus on building homes for entry-level and first-time move-up buyers and their corresponding price points in this region.

“We are very pleased to begin executing our growth strategy with this move into the Raleigh market with an established team that brings a pipeline of lot inventory and established relationships with local developers,” said UHG Chief Executive Officer Michael Nieri. “Raleigh is the 10th largest market in the nation over the last twelve months, with significant migration into the area and a very healthy job market. Our strategy is focused on high-growth markets in the southeast, and Raleigh certainly fits the profile for our expansion plans.”

“I am thrilled to be joining the UHG/Great Southern Homes team,” said Herring. “Getting to be part of such an exciting new company is something that doesn’t happen very often. I believe the focus on the affordable segments of markets in the southeast, combined with the ‘land-light’ business model, makes us a builder with a bright future.”

The new Raleigh division will provide UHG with a strategically valuable foothold in a growing Raleigh market, where the top 10 builders have only a 57% market share. The Raleigh division will be able to leverage their relationships with local developers and subcontractors that are key in a high barrier to entry market like Raleigh.

Whelan Advisory acted as the exclusive financial advisor to Herring Homes.

About United Homes Group, Inc.

UHG is a publicly traded residential builder headquartered in Columbia, SC. The company focuses on southeastern markets with 53 active communities in South Carolina and Georgia, and now expanding into North Carolina. UHG has been recognized as one of the top 50 builders by Builder magazine.

Forward-Looking Statements

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For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and our quarterly reports on Form 10-Q, copies of which may be obtained from our website at https://ir.unitedhomesgroup.com/financials/sec-filings/default.aspx.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230818295268/en/

Investor Relations Contact:

Drew Mackintosh

drew@mackintoshir.com

Mobile: 310-924-9036



Media Contact:

Allen Hutto

allenhutto@greatsouthernhomes.com

Mobile: 803-665-2764

Source: United Homes Group, Inc.