Financial terms were not disclosed regarding the deal, which is expected to be finalized in the first quarter of 2022.

The Scottish homebuilder was established in 1934 and focuses on building high quality family homes in the regional markets of Scotland and England. He says he builds around 4,000 properties per year in nine regions, with the ambition to increase to 6,000 units per year in the medium term, while he is “on track for a record in 2021”. The firm received legal advice from DLA Piper regarding this latest transaction.

Miller Homes CEO Chris Endsor said, “This is an exciting development for Miller Homes as we continue our recent momentum. Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders.

“The past four years have been marked by a period of expansion and strong operational performance for Miller Homes, as well as the need to adapt the business under exceptional circumstances. We have emerged stronger and are uniquely positioned to meet our mid-term goal of 6,000 units while maintaining the quality of product and service for which we are known.

Apollo partner Alex Humphreys – who as of September 30 had assets under management of around $ 481 billion (£ 359 billion) – applauded the deal, saying: “Miller Homes has a strong presence in suburban areas which continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute their growth strategy. “

Christopher Hojlo, Partner of Apollo, said: “We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates.

“Today’s announcement builds further on Apollo’s continued commitment to the housing industry, including more recently current and pending investments by Apollo and its affiliates in the US home builder. , The New Home Company, and the UK’s leading specialty mortgage lender, Foundation Home Loans. leverage our knowledge and connections in the industry to move the business forward and provide more customers with high quality family homes.

Jamie Wyatt, Partner and Co-Head of UK Investments at Bridgepoint, also commented, “We are delighted to have supported Miller Homes and its management in growing the business over the past four years. During our ownership period, the number of homes sold per year increased by a third, revenues exceeded £ 1bn for the first time and profits increased by almost 50%.

“The company has also expanded to new parts of the UK and made two strategic acquisitions.”

Miller Homes announced in May that it had acquired Wallace Land Investments and Management, a strategic land development company, saying this would strengthen its “substantial” strategic land reserve, bringing the group’s total to 119 sites. The Edinburgh-based company said at the time that it expected the portfolio to deliver “a significant number of consigned units, thereby adding significant value creation both now and in the years to come.” .

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