<\/p>\n
Stewart Lynes: milestone<\/p>\n
Miller Homes\u2019 shareholder Apollo Funds has sold a 30% stake in the housebuilder to Daiwa House, one of Japan\u2019s leading construction and real estate groups.<\/p>\n
Apollo Funds, which acquired the business in 2022, will remain the controlling shareholder.<\/p>\n
There will be no change to Miller Homes\u2019 management team, strategy, capital structure or day-to-day operations as a result of the transaction. <\/p>\n
Miller Homes will continue to operate under its existing brands, Miller Homes and St. Modwen Homes, with the added benefit of long-term support from two leading global investors.<\/p>\n
Established in 1934, Miller Homes has 11 regional offices across the UK and is targeting 7,000 new homes a year across multiple tenures, up from its current rate of 5,000 per year.<\/p>\n
Miller\u2019s chief executive Stewart Lynes said: \u201cToday\u2019s transaction marks a significant milestone for Miller Homes.<\/p>\n
\u201cThe support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner.\u201d<\/p>\n
Rajesh Jegadeesh and Peter Sinensky, deal team leads at Apollo, said: \u201cWe are proud of what the management team has built over the past four and a half years. <\/p>\n
\u201cThis transaction reflects the strength of the Miller Homes business today and its sector-leading financial performance, leaving the company well-positioned for further profitable expansion.\u201d<\/p>\n
Keiichi Yoshii, CEO of Daiwa House, said: \u201cMiller Homes is an impressive business with a strong brand, a highly experienced management team and an attractive long-term growth outlook.\u201d<\/p>\n
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.\u00a0 Rothschild & Co served as financial adviser to Apollo Funds and Miller Homes.<\/p>\n
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\t #Miller #Homes #stake #sold #Japans #Daiwa #House #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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