Scottish housebuilder Miller Βι¶ΉΤΌΕΔs bought by US asset firm
- Published
Miller Βι¶ΉΤΌΕΔs currently builds about 4,000 homes a year
Scottish housebuilder Miller Βι¶ΉΤΌΕΔs has been bought by an American asset management firm in a deal thought to be worth Β£1.3bn.
US-based Apollo is acquiring the Edinburgh company from private equity firm Bridgepoint, which took over the business in 2017 for Β£655m.
Established in 1934, Miller Βι¶ΉΤΌΕΔs focuses on regional markets in England and Scotland.
It currently builds about 4,000 homes a year.
It plans to grow that to 6,000 units "in the medium-term".
Under Bridgepoint's ownership, the number of houses sold by Miller per year rose by a third. Revenues now exceed Β£1bn a year.
Apollo partner Alex Humphreys said: "Miller Βι¶ΉΤΌΕΔs 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."
Miller Βι¶ΉΤΌΕΔs chief executive Chris Endsor added: "The past four years have witnessed a period of expansion and strong operational performance for Miller Βι¶ΉΤΌΕΔs, as well as having to adapt the business in exceptional circumstances.
"We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known."
Related topics
- Published2 August 2017
- Published21 July 2017
