US-based Apollo and Miller Homes, which has its head office in Edinburgh, made the announcement on Christmas Eve.
Miller Homes was established in 1934 and operates in England and Scotland. It builds approximately 4,000 homes a year across nine regions with ambitions to grow to 6,000 units annually in the medium-term.
Alex Humphreys, partner at Apollo, 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 differentiated it as a respected leading homebuilder. Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy."
Christopher Hojlo, partner at Apollo, added: "We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates.鈥�
Chris Endsor, chief executive officer of Miller Homes, said: "This is an exciting development for Miller Homes in continuing our recent strong momentum. Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders.
鈥淚 would like to thank the team at Bridgepoint for all the support they have provided during their ownership of the business. The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known.鈥�
Jamie Wyatt, partner and co-head of UK investment at Bridgepoint, said: 鈥淲e are delighted to have supported Miller Homes and its management to grow the business over the last four years. Under our period of ownership, the number of houses sold per annum rose by a third, revenues exceeded 拢1 billion for the first time and profits increased by almost 50%. The business also expanded into new U.K. regions and completed two strategic acquisitions. We wish the whole team and their new investors every success in the exciting next phase of the Miller Homes journey.鈥�
The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2022.
Got a story? Email news@theconstructionindex.co.uk
