Apollo Funds has committed financing to complete the acquisition and expects to redeem the existing financing prior to close. 

The transaction is subject to customary closing conditions and is predicted to be completed in the first quarter of 2022.

Rothschild and Co. (Lead) and Moelis & Company LLC are serving as financial advisers to Bridgepoint, and Travers Smith was selected as legal counsel. 

Meanwhile, Barclays (Lead) and HSBC are serving as financial advisers to Apollo, and Sidley Austin LLP as legal counsel. 

Miller Homes received legal advice from DLA Piper.

The UK housebuilder was previously acquired by Bridgepoint Group in 2017 in a £655m deal.

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Alex Humphreys, partner at Apollo, said: “We are delighted that the Apollo Funds are acquiring Miller Homes. 

“The company’s reputation for exceptional customer service and high-quality homes has differentiated it as a respected leading homebuilder. 

“Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on its growth strategy.”

Christopher Hojlo, partner at Apollo, added: “We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates. 

“We look forward to leveraging our industry knowledge and relationships to scale the business and to provide more customers with high-quality family homes.”

Chris Endsor, CEO at Miller Homes, commented: “This is an exciting development for Miller Homes in continuing our recent strong momentum. 

“Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders.

“I would like to thank Bridgepoint for all the support it has provided during its ownership of the business. 

“The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. 

“We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units, while maintaining the product quality and service for which we are known.”

Jamie Wyatt, partner and co-head of UK investment at Bridgepoint, stated: “We are delighted to have supported Miller Homes and its management to grow the business over the last four years. 

“We wish the whole team and its new investors every success in the exciting next phase of the Miller Homes journey.”