Clayton Homes
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| Subsidiary of Berkshire Hathaway | |
| Industry | Construction Manufacturing Financial services |
| Founded | 1956 |
| Founder | Jim Clayton |
| Headquarters | Maryville, Tennessee, United States |
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Key people
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Kevin T. Clayton (President & CEO) |
| Parent | Berkshire Hathaway |
| Website | www |
Clayton Homes is the United States largest builder of manufactured housing and modular homes. Clayton Homes is a component company of Warren Buffett's Berkshire Hathaway.
Clayton's corporate headquarters are in Maryville, Tennessee. Its subsidiaries include Vanderbilt Mortgage, 21st Mortgage, the nation's largest manufactured home lender, and insurance company HomeFirst Agency.
Clayton Homes was founded in 1956 by Jim Clayton. In 1974, Clayton Homes established its own mortgage company, and added a manufacturing division in 1975. The company went public in 1983, trading on the . Each year from 1989 through 1992, Clayton Homes was named on the Forbes list of the best small companies in America. Kevin Clayton, Jim Clayton's son, took over the company in 1999.
In 2002, Clayton earned a revenue of $1.2 billion. It was acquired by Berkshire Hathaway Inc. in 2003 for $1.7 billion. Cerberus Capital Management also expressed interest in bidding for the company. The certificate of merger was filed in Delaware, and Clayton stock was removed from the New York Stock Exchange. In 2007, Clayton Homes' revenue was $3.66 billion.
Clayton Homes sold its land-lease communities business to Denver-based Yes Companies LLC in 2008. The deal involved 65 properties in 11 states. The i-house brand was introduced in May 2008 as a green, energy efficient home. By 2009, Clayton Homes had sold over 1.5 million homes. In 2009, Clayton launched the eHome as a more affordable version of the i-house.
In 2015, Clayton worked with Oak Ridge National Library and architectural firm Skidmore, Owings & Merrill to produce a 3D printed house and car which share a single energy unit. Clayton Homes expanded into the traditional home building market with the acquisition of Georgia-based homebuilder Chafin Communities in 2015, and Tennessee-based Goodall Homes in 2016.
Clayton acquired River Birch Homes, based in Maryville, Alabama, in April 2016. The following month, Clayton hosted its first Birmingham-based home show. The show had 492 attendees and featured 27 homes from 27 facilities. That same month, Clayton announced that it would partner with nonprofit Next Step to build a modular duplex in Waco, Texas on a lot owned by NeighborWorks Waco in order to create affordable housing in the Greater Waco area. In 2016, Clayton Homes was recognized as number 292 on Forbes' list of America's Best Employers. The company introduced a line of tiny homes during fall 2016 with the debut of its "Low Country" prototype in North Carolina. The designer series received media acclaim from USA Today, The Post and Courier, among others.
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