New owner attracted by housebuilder’s regional footprint and robust finances
Miller Homes has been acquired by private equity group Bridgepoint for £655m.
The new owner of the UK’s largest privately-owned housebuilder said Miller has a “strong regional footprint”, “a reputation for delivering quality, family homes” and a “robust financial position”.
Bridgepoint said Miller Homes had seen revenue increase by 13% to £565m for the year ended 31 December 2016 and a 31% increase in operating profit to £103m.
The housebuilder, which has three regional divisions, Midlands and south, north, and Scotland, completed 2,380 homes last year, Bidgepoint added.
Miller Homes chief executive Chris Endsor said: “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.
“2016 was an outstanding year for Miller Homes delivering operating profit in excess of £100m for the first time. We fully expect 2017 to continue that upward trend.”
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.”