Travers Smith LLP has acted as lead counsel advising Sixth Street Partners ("Sixth Street"), a leading global investment firm, and Patron Capital ("Patron"), the pan-European institutional investor focused on property investments, on the acquisition of the major UK house builder CALA Group ("Cala") from Legal & General Group plc by Ferguson Bidco Limited, an entity owned by funds managed by Sixth Street and Patron.
Cala is a leading provider of desirable, high quality new homes across the South of England, the Cotswolds and Scotland. The Company is on track to deliver circa 3,000 new homes in the financial year ending 31 December 2024.
The sale has an enterprise value of £1.35bn and is expected to complete in Q4 of 2024.The Travers Smith team was led by Private Equity and Financial Sponsors Partner Alex Dixon, together with Head of Real Estate Emma Pereira and Real Estate Partner Gareth Wynne. The Travers Smith team also included Private Equity Senior Associates Max Conway and Heidi Jempeji, Real Estate Senior Counsel Catherine O'Driscoll, Finance Senior Associate Aaron Lockyer, Incentives and Remuneration Senior Counsel Elissavet Grout and Tax Senior Counsel Joseph Sheldrick.
