Apollo Funds acquires Miller Homes from Bridgepoint

Miller Homes Group, one of the U.K.’s leading homebuilders, has announced that NYSE-listed Apollo Funds is to acquire the company from Bridgepoint Group
Chris Endsor Chief Executive Miller Homes

Miller Homes Group Limited, one of the U.K.’s leading homebuilders, has announced that NYSE-listed Apollo Funds has entered into a definitive agreement to acquire the company from Bridgepoint Group. Financial terms were not disclosed. 

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. 

Alex Humphreys, partner at Apollo, said: “We are delighted that the Apollo Funds are acquiring Miller Homes. The Company’s reputation for exceptional customer service and high-quality homes has differentiated it as a respected leading homebuilder. Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy.” 

Christopher Hojlo, partner at Apollo, said: “We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates. Today’s announcement further builds on Apollo’s continued commitment to the housing sector, most recently including current and pending investments by Apollo and its affiliates in U.S. homebuilder, The New Home Company, and leading U.K. specialist mortgage lender, Foundation Home Loans. We look forward to leveraging our industry knowledge and relationships to scale the business and to provide more customers with high-quality family homes.” 

Chris Endsor, chief executive officer of Miller Homes, said: “This is an exciting development for Miller Homes in continuing our recent strong momentum. Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders. 

“I would like to thank the team at Bridgepoint for all the support they have provided during their ownership of the business. The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known.”

 Rothschild and Co and Moelis & Company LLC are serving as financial advisors to Bridgepoint, and Travers Smith is serving as legal counsel. Barclays and HSBC are serving as financial advisors to Apollo, and Sidley Austin LLP is serving as legal counsel. Miller Homes received legal advice from DLA Piper.

Image: Miller Homes CEO Chris Endsor

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