Bridgepoint in talks to acquire Miller Homes

Oscar Geen
25 July 2017

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Bridgepoint is in talks to acquire Scottish property developer Miller Homes from GSO Capital Partners and two other shareholders.

The company generated an operating profit of £103m from £565m in revenues in 2016. Operating profit increased by 31% and revenues by 13% from the 2015 figures, which stood at £78.4m and £500m respectively.

In April 2008, Bank of Scotland purchased Miller Homes (then known as Miller Group), providing both equity and debt for a buyout transaction. In 2012, RBS and Lloyds restructured the company's debt.

In December 2011, RBS invested again alongside GSO Capital Partners, Noble Grossart and senior executives to provide the company with £160m to refinance its £600m net debt. Bank of Scotland, GSO and Noble Grossart sold part of their stakes to Galliford Try in a £16.57m transaction in July 2014.

Founded in 1934 as part of Miller Group, Miller Homes is a property developer based in Edinburgh, Scotland. In 2016 it completed 2,380 units and forecasts this to increase to 4,000 a year by 2020. It employed an average of 740 people throughout 2016 and will typically have around 2,000 extra subcontractors engaged.

Moelis is advising the shareholders of Miller Homes.