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Bridgepoint to acquire Miller Homes

Overview

Travers Smith LLP has advised private equity firm Bridgepoint on its acquisition of Miller Homes from funds managed by GSO Capital Partners, in a transaction totalling £655 million.

Established in 1934, Miller Homes is one of the UK's largest privately-owned house-builders. The company has a strong regional presence in the north of England and Scotland and an established reputation for delivering quality homes in desirable locations. It focuses on sustainable developments on the edge of urban or suburban areas, typically within 45 minutes of the nearest largest town or city. In 2016, Miller Homes completed 2,380 homes in total. 

Since GSO's investment in 2012 the company has achieved a significant growth. For the year to 31 December 2016, it reported a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m.

The investment in Miller Homes is to be made by Bridgepoint Europe V, a €4 billion pan-European middle-market fund, and coincides with an ongoing favourable macro-economic climate for UK house-building where demand currently outstrips supply.

Completion of the transaction is subject to merger control clearance. 

The Travers Smith team advising its long-standing client Bridgepoint was led by Private Equity partners Edmund Reed and Ian Shawyer, who were supported by associates Laura Pembridge and Richard Hornshaw. Head of Real Estate Simon Rutman and associate Charlotte Fletcher advised on real estate law aspects of the deal. Tax Partner Jessica Kemp provided specialist tax advice, assisted by associate Laura Jackson. Head of Competition Nigel Seay and Head of Pensions Daniel Gerring and pensions associates Niamh Hamlyn and Carmel Dodd also advised.

Miller Homes was represented by DLA Piper and GSO Capital by White & Case.