Dominion Homes, the Dublin, Ohio-based home builder, has announced plans to go private and buy shareholders out at a cost of 65 cents per share, or $5.5 million cash.
The deal means Dominion will be taken private by a group of investors that includes a company with ties to its CEO. The buyout group consists of companies affiliated with Angelo, Gordon & Co. and Silver Point Capital and the company's largest shareholder, BRC Properties.
Dominion chairman and CEO Douglas Borror, also the principal of BRC Properties, will remain in his role with the company.
“The home-building industry continues to be in a very difficult period,” Borror said in a statement. “This transaction will allow Dominion Homes to continue our 55-year tradition of building quality homes.”
Dominion Homes builds houses and condominiums in Ohio and Kentucky.