The funding comes from GSO Capital Partners (a subsidiary of The Blackstone Group), Royal Bank of Scotland and Scottish merchant bank Noble Grossart, as well as from senior executives of the Miller Group.
The company is also refinancing its existing debt, with new five-year committed facilities provided by its current banking partners, Lloyds Banking Group, The Royal Bank of Scotland and National Australia Bank.
Miller said that the injection provided a significantly strengthened balance sheet with pro forma net assets of c. £220m.
Group chief executive Keith Miller said: “I am extremely pleased to announce that the transaction has now been completed. We are delighted to have attracted this significant capital investment from a number of high quality investors led by GSO. This new investment strengthens The Miller Group substantially and will allow us to deliver further growth from a strong base at a time when our markets are showing good signs of recovery.
“I am looking forward with enthusiasm and confidence to working alongside GSO and our other investors to deliver further success for The Miller Group.”
GSO senior managing director Michael Whitman said: “Our investment provides The Miller Group with a strong financial foundation to capitalise on a unique portfolio of assets. We look forward to working with Keith, his team and the employees to pursue the many opportunities presented by the current environment.”
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