Private equity buyers no longer interested in Apollo and Keepmoat

Private equity interest in an investment into social housing contractors Apollo and Keepmoat has cooled, despite Lloyds officially putting their 20% holding up for sale.

It is reported that firms including Bridgepoint, 3i, Warburg Pincus and Cognetas were originally interested in a bid, but have decided against any deal on the basis that it would be too expensive.

Bank of Scotland Integrated Finance acquired the two businesses at the top of the market: paying £783m for Keepmoat and £410m for Apollo. Lloyds took over HBOS in January, and is thought to want to exit the investments without taking a large-scale loss in the process. The bank recently rejected an offer for Apollo for approximately £90m, hoping to receive at least £200m for the housing contractor.

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