A&O Shearman advises Apollo Funds on sale of an approximately 30% stake in Miller Homes to Daiwa House

Established in 1934, Miller Homes is the largest private housebuilder in the UK, completing approximately 5,000 homes a year across England, Scotland, and Wales. Since the company’s acquisition by Apollo Funds in 2022, Miller Homes has delivered significant growth and strengthened its operating model, driven by disciplined operational execution and the successful acquisition and integration of St Modwen Homes (see previous client news alert here).

The strategic investment by Daiwa House will support the continued profitable growth of Miller Homes, providing additional resources and global construction and real estate expertise as Miller Homes expands its multi-tenure model and progresses towards its target of delivering 7,000 new homes per year.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.

The A&O Shearman deal team was led by private equity partner Paul Dunbar and senior associate Adarsh Chhabria, and supported by associate Piers Edinborough. Tax advice was provided by partner James Burton, counsel Hugh Brooks, and associate Daniel Alexander.