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Tue June 25 2024

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Blackstone injects £160m to back Miller expansion

20 Dec 11 The Miller Group has secured financial backing from one of the world's most powerful private equity groups to take advantage of acquisition opportunities that might come along.

Keith Miller
Keith Miller

Highlight of the balance sheet restructuring is the injection of £160m of new equity capital from an investor group led by GSO Capital Partners, part of The Blackstone Group, one of the world’s leading investment firms.

The investor group includes Miller group chief executive Keith Miller, other company executives, Scottish banks Noble Grossart and Royal Bank of Scotland, plus Lloyds Banking Group and National Australia Bank.

The transaction provides Miller with a significantly strengthened balance sheet with pro forma net assets in the region of £250m. Existing lender debt is refinanced to provide five year committed facilities.

The company said that the deal secured support from a long-term investor group and provided a platform to develop the business.

Keith Miller said: “This equips us with substantial extra muscle to take advantage of the many opportunities offered by the current economic cycle. I am delighted that we have attracted a significant capital investment from one of the world’s leading financial investors. This is due to the outstanding quality of our business and also to the continuing support of our existing banking partners.”

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