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United Homes Group Announces New Raleigh, NC Division

By: via 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

Certain statements contained in this release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words.

Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to, statements about our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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.

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