£215m deal sees acquisition of major housebuilder complete

Miller Homes has acquired St Modwen Homes for £215m, as the developer aims to deliver 6,000 homes a year.

The deal has now been completed following clearance from the Competition and Markets Authority (CMA).

The Birmingham-based housebuilder has been purchased from Blackstone, as well as 19 live sites with 3,500 plots and another five strategic sites.

It will result in Miller making its first step into the South West and will expand the business across the Midlands.

St Modwen Homes will continue as a brand and a new regional office will open in the South West.

Stewart Lynes, CEO of Miller Homes said: “I’m very pleased to welcome the St. Modwen Homes employees, customers and suppliers to the Miller Homes family. There is a lot of alignment between the businesses; both hold five-star builder status, and both prioritise quality building and customer experience. I’m excited by the growth we will achieve together, building more of the high-quality, sustainable homes the UK needs.”

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.