The housebuilder has performed strongly under the joint ownership of L&G and Patron Capital Partners, with revenues growing from £241m in 2013 to £748m in 2017.
L&G feels that CALA Homes has attractive growth prospects under its continued ownership based on Legal & General Capital’s long-term approach to investing and the attractive market for housebuilding in the UK.
The acquisition cost of the 52.1% share capital L&G did not own was £315m plus additional transaction costs and financial adjustments to reflect the contribution of management and Patron during the period of its joint ownership.
"Legal & General is delighted to assume full ownership of CALA Homes, a growing business which we know and understand well,” said Kerrigan Procter, CEO at Legal & General Capital (pictured above).
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“It has a strong management team with proven experience of managing a housebuilding business across business cycles, and has delivered great returns for shareholders since its acquisition in 2013, having tripled in revenue during this time.
“I am excited to be working with the team as CALA Homes continues to develop and grow under our continued ownership.”
Alan Brown, chief executive of CALA Homes, added that the investment by L&G marked the start of another exciting new chapter for CALA Homes.
"Over the past five years we have become one of the UK’s fastest-growing housebuilders and this is testament to the strength and ambition of our team, the quality of our homes and our approach to customer service.
“We have also benefited from the ongoing backing of our shareholders and I would like to take this opportunity to thank Patron for their support alongside Legal & General."