RCS - Miller Homes Limited - Apollo Funds to Acquire Miller Homes

Apollo Global ManagementAnnouncement

24/12/2021 14:20

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RNS Number : 8045W  Miller Homes Limited  24 December 2021

Apollo Funds to Acquire Miller Homes

 

Leading U.K. Homebuilder Poised for Continued Growth

 

NEW YORK and EDINBURGH, Scotland, Dec. 24, 2021 -- Apollo (NYSE: APO) and
Miller Homes Group Limited ("Miller Homes" or the "Company"), one of the
U.K.'s leading homebuilders, today announced that funds managed by Apollo
affiliates (the "Apollo Funds") have, together with existing management,
entered into a definitive agreement to acquire the Company from Bridgepoint
Group plc ("Bridgepoint"). Financial terms were not disclosed.

 

Established in 1934, Miller Homes is a premier homebuilder in the U.K. with a
focus on building high-quality family homes in regional markets in England and
Scotland. On track for a record 2021, the Company builds approximately 4,000
homes a year across nine regions with ambitions to grow to 6,000 units
annually in the medium-term.

 

Alex Humphreys, Partner at Apollo, said: "We are delighted that the Apollo
Funds are acquiring Miller Homes. The Company's reputation for exceptional
customer service and high-quality homes has differentiated it as a respected
leading homebuilder. Miller Homes has a strong presence in suburban locations
that continue to see strong consumer demand, and we look forward to working
alongside the talented management team to execute on their growth strategy."

 

Christopher Hojlo, Partner at Apollo, said: "We continue to see opportunities
to invest in the residential housing market as consumer demand for new homes
accelerates. Today's announcement further builds on Apollo's continued
commitment to the housing sector, most recently including current and pending
investments by Apollo and its affiliates in U.S. homebuilder, The New Home
Company, and leading U.K. specialist mortgage lender, Foundation Home Loans.
We look forward to leveraging our industry knowledge and relationships to
scale the business and to provide more customers with high-quality family
homes."

 

Chris Endsor, Chief Executive Officer of Miller Homes, said: "This is an
exciting development for Miller Homes in continuing our recent strong
momentum. Apollo has deep housing expertise, with a global platform, extensive
resources and capital to create value for all stakeholders.

 

"I would like to thank the team at Bridgepoint for all the support they have
provided during their ownership of the business. The past four years have
witnessed a period of expansion and strong operational performance for Miller
Homes, as well as having to adapt the business in exceptional circumstances.
We have emerged stronger for it and are very well-placed to achieve our
medium-term target of 6,000 units while maintaining the product quality and
service for which we are known."

 

Jamie Wyatt, partner and co-head of U.K. investment at Bridgepoint, said: "We
are delighted to have supported Miller Homes and its management to grow the
business over the last four years. Under our period of ownership, the number
of houses sold per annum rose by a third, revenues exceeded £1 billion for
the first time and profits increased by almost 50%. The business also expanded
into new U.K. regions and completed two strategic acquisitions. We wish the
whole team and their new investors every success in the exciting next phase of
the Miller Homes journey."

 

The Apollo Funds have committed financing to complete the acquisition and
expect to redeem the existing financing prior to close. The transaction is
subject to customary closing conditions and is expected to be completed in the
first quarter of 2022.

 

Rothschild and Co. (Lead) and Moelis & Company LLC are serving as
financial advisors to Bridgepoint, and Travers Smith is serving
as legal counsel. Barclays (Lead) and HSBC are serving as financial
advisors to Apollo, and Sidley Austin LLP is serving as legal
counsel. Miller Homes received legal advice from DLA Piper.

 

About Apollo

Apollo is a high-growth, global alternative asset manager. We seek to provide
our clients excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three business strategies:
yield, hybrid and opportunistic. Through our investment activity across our
fully integrated platform, we serve the retirement income and financial return
needs of our clients, and we offer innovative capital solutions to businesses.
Our patient, creative, knowledgeable approach to investing aligns our clients,
businesses we invest in, our employees and the communities we impact, to
expand opportunity and achieve positive outcomes. As of September 30, 2021,
Apollo had approximately $481 billion assets under management. To learn more,
visit www.apollo.com (http://www.apollo.com) .

 

About Miller Homes

For over 85 years, Miller Homes has established a reputation for building
outstanding quality family homes and providing forward thinking customer
service. The company is committed to building homes safely, in a way which is
considerate to the environment. The company has achieved 5-star status in the
HBF National New Home Customer Satisfaction Survey for nine of the last 10
years. Further information is available by visiting www.millerhomes.co.uk
(http://www.millerhomes.co.uk) .

 

About Bridgepoint

Bridgepoint Group plc is the world's leading quoted private assets growth
investor focused on the middle-market with over €30 billion AUM and a local
presence in the U.S., Europe and China. We specialize in private equity and
private credit and invest internationally in six principal sectors - business
services, consumer, financial services, healthcare, advanced industrials and
technology. For more information visit www.bridgepoint.eu
(https://www.bridgepoint.eu/) .

 

Contacts

 

Apollo

 

For Investors:

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com (mailto:IR@apollo.com)

 

For Media:

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

Communications@apollo.com (mailto:Communications@apollo.com)

 

Miller Homes

TB Cardew

Miller@tbcardew.com (mailto:Miller@tbcardew.com)

Ed Orlebar - +44 7738 724630

Shan Shan Willenbrock - +44 7775 848537

 

Bridgepoint

James Murray - +44 7802 259861
james.murray@bridgepoint.eu (mailto:james.murray@bridgepoint.eu)

Christian Jones - christian.jones@bridgepoint.eu
(mailto:christian.jones@bridgepoint.eu)

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