02:13, August 04 190 0

2017-08-04 02:13:18
DLA, Travers and White & Case lead on Miller Homes sale

Travers Smith, Linklaters and DLA Piper won the key roles in private equity group Bridgepoint’s £655m acquisition of the Scottish housebuilder Miller Homes from GSO Capital Partners.

The deal will see Bridgepoint – the owner of Pret A Manger, Fat Face and Zenith – acquire Miller Homes for over five times the housebuilder’s earnings for 2017.

Travers Smith’s team was led by private equity partners Edmund Reed and Ian Shawyer who were assisted by head of real estate Simon Rutman, tax partner Jessica Kemp, head of competition Nigel Seay and head of pensions Daniel Gerring.

Linklaters was understood to have assisted Travers Smith on the deal. The firm declined to comment.

DLA Piper partner and co-chair of the M&A sector Jon Kenworthy and private equity partner Tim Wright advised Miller Homes during the sale.

White & Case advised GSO Capital Partners with M&A partner Gavin Weir, banking partners Emma Foster and Gareth Eagles, employment partner Nicholas Greenacre, IP partner Philip Trillmich and private equity partner Marcus Booth leading for the firm.

Eagles said: “Assisting GSO on this exit is a significant milestone in our relationship with them, and a rewarding moment for all involved. We have been fortunate enough to advise GSO on a range of matters over the last five years and are proud that they chose to work with us on one of their most significant transactions.

“It is also great to see another exciting chapter begin in the story of this famous homes business.”

Bridgepoint confirmed the deal after the contracts were exchanged on Wednesday.

Miller Homes’ turnover reported a 13 per cent increase in revenue for the year to 31 December 2016, with turnover reaching £565m while profits rose 31 per cent to £103m.

Travers Smith has a good relationship with Bridgepoint having previously acted for the client during its acquisition of advisory service Exova for £620.3m in April this year. Travers Smith head of private equity Paul Dolman and head of corporate Spencer Summer field led for the firm on that occasion.

Bridgepoint partner Jamie Wyatt said: “The UK regional markets in which Miller operates are in good health with a positive sales environment and an attractive land buying market. Miller’s strategic position within those markets combined with its historic robust financial performance position it well to address future growth in the UK new build housing market where demand currently outstrips supply.”