Housebuilder Miller Homes has been acquired by private equity group Bridgepoint in a deal worth £655m.
The largest privately owned housebuilder in the UK completed 2,380 homes in 2016 and reported a 13 per cent increase in revenue for the year to December of £565m. It also reported a 31 per cent rise in operating profit to £103m.
Established in 1934, the housebuilder currently has three divisions: Midlands & South, North and Scotland.
Bridgepoint acquired the housebuilder from funds managed by GSO Capital Partners.
Commenting on the acquisition, Miller Homes chief executive Chris Endsor said: “2016 was an outstanding year for Miller Homes delivering operating profit in excess of £100m for the first time and outperforming on all key financial metrics for the fifth consecutive year. We fully expect 2017 to continue that upward trend.
“GSO 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 macroeconomic climate for UK housebuilding.”
Bridgepoint partner Jamie Wyatt said: “The UK regional markets in which Miller operates are in good health with a positive sales environment and an attractive land-buying market.
“Miller’s 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.”