The sale of Scottish headquartered Miller Homes was completed for a reported £1.2bn to US investor Apollo Funds from previous owner, Bridgepoint Group.
Miller Homes grew significantly under the four years of ownership by Bridgepoint with completions up to 4,000 per annum, turnover exceeding £1bn for the first time and an almost 50% increase in profit.
Under new ownership, Miller is targeting further expansion with the stated aim of building 6,000 homes a year in the medium term. This would represent an increase in production of around 50% on current levels and would likely place Miller into the top 6 house builders nationally.
This is Apollo’s first UK House builder acquisition after losing out to rival Aermont, last year to buy Keepmoat Homes. However, the business does own US house builder, The New Home Company and UK mortgage lender, Foundation Home Loans.