Miller Homes has completed the acquisition of St Modwen Homes for £215m, as the developer sets its sights on delivering 6,000 homes a year.
The Birmingham-based housebuilder has been purchased from Blackstone, as well as 19 live sites with 3,500 plots and another five strategic sites.
The deal will see Miller Homes expand into the South West for the first time and will grow the business across the Midlands. St Modwen Homes will continue as a brand and a new regional office will open in the South West.
After being acquired by Blackstone in 2021, St Modwen Homes turned over £368m in 2022 and made a pre-tax profit of £5.4m from the sale of 1,313 homes.
US investor Apollo Global Management, which owns Miller Homes, turned over £1bn in 2023 with 3,475 completions and saw a pre-tax profit of £149.7m.
Stewart Lynes, CEO of Miller Homes, commented: “We are committed to growth and playing an important part in addressing the housing shortage. We were attracted to the quality and location of St. Modwen Homes’ land, helping us grow and expand to new areas.
“Through operating St. Modwen Homes under its brand, we can continue to deliver choice to the market, while maintaining our commitments to quality, sustainability and the customer experience.”
The deal is subject to regulatory approval and is expected to close in the first quarter of this year.
