Apollo Plans to Buy U.K.’s Miller Homes From Bridgepoint in 2022
(Bloomberg) -- Funds managed by Apollo Global Management Inc. plan to acquire U.K. homebuilder Miller Homes Group Ltd. from Bridgepoint Group Plc for an undisclosed amount.
The deal is expected to complete in the first three months of 2022, according to a statement on Friday. Rothschild and Co., and Moelis & Co. are financial advisers to Bridgepoint, while Barclays Plc and HSBC Holdings Plc are financial advisers to Apollo. None of the terms were announced.
The acquisition is a sign of growing interest in the U.K. housing sector, which has seen a boom in demand since the pandemic and rock bottom interest rates fueled a rally in prices across the country. Average home values hit a record last month and were up 8.2% from a year earlier, according to mortgage lender Halifax.
Miller Homes was set up in 1934 and constructs homes mainly in England and Scotland. It builds about 4,000 homes a year and wants to increase that to 6,000 a year, according to the statement.
©2021 Bloomberg L.P.