Apollo Funds and Miller Homes have entered into a definitive agreement to acquire the group from Bridgepoint.
Founded in 1934, Edinburgh-based Miller Homes builds around 4,000 homes per year in nine regions of England and Scotland, with the ambition to grow to 6,000 units per year in the medium term.
Apollo is a US-based global alternative asset manager with approximately $ 481 billion in assets under management.
Financial details of the transaction were not disclosed. However, Apollo Funds has committed to finance the acquisition and plans to repurchase the existing funding prior to closing.
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022.
Apollo Partner Alex Humphreys said: “We are delighted that the Apollo Funds are acquiring Miller Homes – the company’s reputation for exceptional customer service and high quality homes has set it apart as a home builder. respected prominent.
“Miller Homes has a strong presence in the suburbs which continue to experience strong consumer demand, and we look forward to working alongside the talented management team to execute their growth strategy. “
Chris Endsor, Managing Director of Miller Homes said, “This is an exciting development for Miller Homes as we continue our recent momentum.
“I want to thank the Bridgepoint team for all the support they gave me while they owned the business. in exceptional circumstances.
Jamie Wyatt, Partner and Co-Head of UK Investments at Bridgepoint, said: “During our ownership period the number of homes sold per year increased by a third, revenues exceeded $ 1 billion. pounds sterling for the first time and profits rose almost 50%. .
“The company has also expanded to new parts of the UK and made two strategic acquisitions. “
Rothschild and Co. and Moelis & Company act as financial advisers to Bridgepoint, while Travers Smith acts as legal advisor. Barclays and HSBC are acting as financial advisers to Apollo, and Sidley Austin as legal counsel.
Miller Homes received legal advice from DLA Piper.
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