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Keepmoat chief executive Dave Sheridan promises 'no radical change' after private equity firms' takeover

The chief executive of Keepmoat has said there will be “no radical change” to the business after two private equity firms bought the housebuilder in a deal rumoured to be worth £400m.

Dave Sheridan said the firms, TDR Capital and Sun Capital Partners, would “back the management team” and its current business strategy, which aims to double the number of homes it builds over the next five years.

Last year Keepmoat built 1,853 homes, which Mr Sheridan said he wanted to see increase to 4,000 by 2019.

He said the firms had a number of associate consultants to help carry out its business plan as well as access to capital, “provided the business case stacked up”.

The chief executive hailed the “new energy” and track record of growing companies that the investors would bring to the business, which would help with the company’s expansion, including into the South of England.

The housebuilder has 22 regional offices and employs around 3,000 people across the UK.

In May the group’s new managing director in the South of England said Keepmoat would aim to deliver 500 new homes a year in the region by 2019.

In the year to March 2014, Keepmoat recorded revenue of £930m, with nearly 2,000 properties sold by its homes division and its regeneration arm boosted by a private finance initiative contract win in Leeds.

Last week Sun Capital Partners and TDR Capital formed an agreement to acquire Keepmoat’s holding company Lakeside 1 Limited.

Completion of the deal is expected by the end of November. JP Morgan Cazenove acted as financial adviser to the Keepmoat board.

Under the deal, Lloyds Banking Group, which took control of the company after the bank bought the assets of rival HBOS in 2009, will be selling its equity interest in Keepmoat.

In addition, the group’s senior term debt is expected to reduce from £290m to £260m. Deloitte provided advice around the debt issue.


  • 16 August 2007 HBOS [formed out of a 2001 merger between the Bank of Scotland and Halifax] buys Keepmoat for £783m.
  • 16 August 2007 Keepmoat joins a string of housebuilders acquired by the bank, including Cala Homes, Countryside Properties, Crest Nicholson and McCarthy & Stone.
  • 19 January 2009 Lloyds TSB takes over HBOS, with plans to shed up to £200bn-worth of unwanted loans and investments.
  • 9 September 2010 Lloyds agrees to sell stake in Crest Nicholson to US investment fund Varde.
  • 26 February 2013 Oaktree Capital Management buys Lloyds’ 50 per cent stake in Countryside Properties.
  • 18 March 2013 Legal and General and Patron Capital Partners buy Cala Homes from Lloyds for £210m.
  • 9 September 2014 Lloyds sells Keepmoat to Sun Capital Partners and TDR Capital in a deal rumoured to worth £400m.

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