Miller Homes, one of the largest housebuilders in the UK, is to be acquired by private equity group Bridgepoint, from funds managed by GSO Capital Partners.
The transaction totalled £655m.
Established in 1934 and led by Chief Executive Chris Endsor, Miller Homes is one of the largest privately-owned housebuilders in the UK, with a strong regional presence through three divisions (Midlands & South, North, and Scotland). The company focuses on sustainable developments on the edge of urban or suburban areas, typically within 45 minutes of the nearest largest town or city.
In 2016, Miller Homes completed a total of 2,380 homes. For the year to 31 December 2016, the company reported a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m.
The investment in Miller Homes was made by Bridgepoint Europe V, a €4 billion pan-European middle-market fund.