Countryside Properties has merged with luxury housebuilder Millgate Developments.
Owners of the Essex-based group, Oaktree Capital Management, announced the acquisition today as part of Countryside’s wider growth strategy, but declined to put a value on the deal.
Oaktree said Millgate’s product range will be offered in new and existing Countryside sites under the Millgate brand.
The merger of the two housebuilders is aimed at expanding the geographic reach and product offering of both groups.
Millgate managing director David Simpson said: “The board and staff at Millgate are very excited about the outstanding strategic fit of the businesses.
“We have found an excellent partner and look forward to working with the Countryside team to expand the Millgate brand into new areas.”
Countryside executive chairman Ian Sutcliffe added: “The compatibility of product, geography and culture of the two companies makes this an outstanding strategic fit and a great opportunity to broaden our offering.
“I look forward to David joining the Countryside board and welcoming the Millgate team.”
Countryside was bought by the Amercian investment firm Oaktree Capital Management from Llyods bank in February last year, in a deal which aimed to reduce Countryside’s debt and improve its balance sheet.