Apollo buys Miller Homes from Bridgepoint
Chris Endsor: exciting development
Funds managed by Apollo, together with the existing management of Miller Homes, are acquiring the house builder from Bridgepoint Group.
Financial terms were not disclosed, but there was talk of a deal earlier this year valuing the company in the region of £1.3 billion.
Miller was acquired by Bridgepoint for £655 million just four years ago, reflecting the appreciation of assets in the sector.
Established in Edinburgh in 1934, Miller Homes is on track for a record year. 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: “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.”
Chris Endsor, chief executive 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.
“I 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.