A 拢655m transaction sees Miller Homes taken over by private equity group Bridgepoint from funds managed by GSO Capital Partners.
Miller Homes built 2,380 homes in 2016, generating a 13% increase in revenue to 拢565m and a 31% increase in operating profit to 拢103m. Pre-tax profit was 拢92.6m.
Chief executive Chris Endsor said: 鈥�2016 was an outstanding year for Miller Homes delivering operating profit in excess of 拢100m for the first time and outperforming on all key financial metrics for the fifth consecutive year.聽 We fully expect 2017 to continue that upward trend.
鈥淕SO have been a great supporter of our business and I look forward to welcoming Bridgepoint as our new shareholder as we undertake our next phase of growth, in an ongoing favourable macro-economic climate for UK housebuilding.鈥�
Jamie Wyatt, partner at Bridgepoint, said: 鈥淭he UK regional markets in which Miller operates are in good health with a positive sales environment and an attractive land buying market. Miller鈥檚 strategic position within those markets combined with its historic robust financial performance position it well to address future growth in the UK new build housing market where demand currently outstrips supply.鈥�
Michael Whitman, senior managing director at GSO Capital Partners, said: 鈥淲e are delighted with the significant growth Miller has achieved since GSO鈥檚 investment in 2012. We are proud of both the exceptional management team and all employees. We wish the company great success in the future with Bridgepoint."
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