LAKEWOOD RANCH — As homebuilders continue to grapple with supply chain delays, Neal Communities is doing something about it.
The private Lakewood Ranch-based homebuilder recently acquired truss company HITEK, which is based in Brooksville, a city north of Tampa. Financial terms of the deal weren't disclosed.
“Given the current supply constraints in the building industry, this acquisition is a step toward alleviating the difficulties in the supply chain that we are experiencing,” says Pat Neal, founder and chairman of Neal Communities in a news release.
In 2004, four custom homebuilders founded HITEK with a goal of supplying high quality trusses quickly for a reasonable price. Now, the company manufactures structurally engineered roof, floor and custom trusses out of durable lumber, the release states.
“The goal is to continue to improve the homebuyer’s experience by building quality homes and delivering them on time,” Neal says. “Acquiring HITEK will help us reduce delays for an important part of the building process.”
The timing of this acquisition comes amid supply chain delays and labor constraints that have had an impact on the housing market. The acquisition of HITEK was finalized last month with the company’s owner Derrick Rushnell who will continue to manage the company.
“I know Pat and his high level of integrity,” Rushnell says. “Pat asked if I would consider selling, and we reached an agreement quickly. It was easy to work with him and come together on the sale and purchase, and it feels like a decision where everyone wins.”
Waterscapes Pools & Spas, Charlene Neal PureStyle Interior Design, Neal Communities Funding, Neal Signature Homes and Allegiant Title Professionals are also all under the Neal Communities umbrella of companies. The homebuilder has built more than 18,000 new homes from Tampa to Naples over 50 years. It had $410 million in sales in 2019.