Miller Homes’ shareholder Apollo Funds has sold a 30% stake in the housebuilder to Daiwa House, one of Japan’s leading construction and real estate groups.
Apollo Funds, which acquired the business in 2022, will remain the controlling shareholder.
There will be no change to Miller Homes’ management team, strategy, capital structure or day-to-day operations as a result of the transaction.
Miller Homes will continue to operate under its existing brands, Miller Homes and St. Modwen Homes, with the added benefit of long-term support from two leading global investors.
Established in 1934, Miller Homes has 11 regional offices across the UK and is targeting 7,000 new homes a year across multiple tenures, up from its current rate of 5,000 per year.
Miller’s chief executive Stewart Lynes said: “Today’s transaction marks a significant milestone for Miller Homes.
“The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner.”
Rajesh Jegadeesh and Peter Sinensky, deal team leads at Apollo, said: “We are proud of what the management team has built over the past four and a half years.
“This transaction reflects the strength of the Miller Homes business today and its sector-leading financial performance, leaving the company well-positioned for further profitable expansion.”
Keiichi Yoshii, CEO of Daiwa House, said: “Miller Homes is an impressive business with a strong brand, a highly experienced management team and an attractive long-term growth outlook.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year. Rothschild & Co served as financial adviser to Apollo Funds and Miller Homes.
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