Sun Capital Partners, an investment firm headed by Pizza Express co-founder Hugh Osmond, has joined with Dutch firm TDR Capital LLP to acquire Lakeside 1 Limited, the holding company of Keepmoat.
Completion is expected to occur by the end of November 2014 and is subject to regulatory clearance.
Ownership of the Doncaster-based company has been in limbo since the collapse of its owner, the Lloyds Banking Group, which was taken into public ownership in 2008.
The company’s senior term debt is expected to reduce from £290m to £260m.
In the year to March 2014, Keepmoat had revenues of £930m, with nearly 2,000 properties sold by its homes division.
Keepmoat CEO Dave Sheridan said: “We are delighted to be entering the next phase in Keepmoat’s development with TDR Capital and Sun Capital. This year is already proving to be a strong year for the business and with the support of TDR Capital and Sun Capital, who both have a track record of building value in their portfolio companies, we will have the opportunity to grow the business profitably in the interests of all our stakeholders; our customers and clients; our partners and our suppliers.”
Stephen Robertson, founding partner at TDR Capital LLP, said: “Keepmoat’s vision to be the national, leading service provider and house-builder was one of the many reasons we were so interested in the organisation. We are excited about working together to continue to build on the successes it has achieved.”
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