Miller Homes, headquartered in Derby, has been sold to private equity group Bridgepoint in a deal worth £655m, from funds managed by GSO Capital Partners.
Established in 1934 and the largest privately-owned housebuilder in the UK, Miller Homes completed a total of 2,380 homes in 2016. For the year to 31 December 2016, the company reported a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m.
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 macro-economic climate for UK housebuilding.”
Jamie Wyatt, partner at Bridgepoint, 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.”
The investment in Miller Homes was made by Bridgepoint Europe V, a €4 bn pan-European middle-market fund.