Travers Smith LLP has advised Bridgepoint on its sale of Miller Homes, one of the U.K.'s leading homebuilders, to funds managed by Apollo affiliates and existing management.
The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2022.
Established in 1934, Miller Homes is a premier homebuilder in the U.K. with a focus on building high-quality family homes in regional markets in England and Scotland. On track for a record 2021, the Company builds approximately 4,000 homes a year across nine regions with ambitions to grow to 6,000 units annually in the medium-term.
Jamie Wyatt, partner and co-head of U.K. investment at Bridgepoint, said: “We are delighted to have supported Miller Homes and its management to grow the business over the last four years. Under our period of ownership, the number of houses sold per annum rose by a third, revenues exceeded £1 billion for the first time and profits increased by almost 50%. The business also expanded into new U.K. regions and completed two strategic acquisitions. We wish the whole team and their new investors every success in the exciting next phase of the Miller Homes journey.”
The Travers Smith team was led by Private Equity and Financial Sponsors Partners Ian Shawyer and Ian Keefe, assisted by Senior Associate Laura Kelly and Associate Jarrett Whitehead. Specialist Tax advice was provided by Partner Simon Skinner and Associate Rob Smith. Finance advice was provided by Partner Donald Lowe.
Travers Smith had previously advised Bridgepoint on its acquisition of Miller Homes in 2017.
Miller Homes was represented by DLA Piper and Apollo by Sidley Austin LLP.
