A £655m transaction sees Miller Homes taken over by private equity group Bridgepoint from funds managed by GSO Capital Partners.
Miller Homes built 2,380 homes in 2016, generating a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m. Pre-tax profit was £92.6m.
Chief executive Chris Endsor said: “2016 was an outstanding year for Miller Homes delivering operating profit in excess of £100m for the first time and outperforming on all key financial metrics for the fifth consecutive year. We fully expect 2017 to continue that upward trend.
“GSO have been a great supporter of our business and I look forward to welcoming Bridgepoint as our new shareholder as we undertake our next phase of growth, in an ongoing favourable macro-economic climate for UK housebuilding.”
Jamie Wyatt, partner at Bridgepoint, said: “The UK regional markets in which Miller operates are in good health with a positive sales environment and an attractive land buying market. Miller’s strategic position within those markets combined with its historic robust financial performance position it well to address future growth in the UK new build housing market where demand currently outstrips supply.”
Michael Whitman, senior managing director at GSO Capital Partners, said: “We are delighted with the significant growth Miller has achieved since GSO’s investment in 2012. We are proud of both the exceptional management team and all employees. We wish the company great success in the future with Bridgepoint."