Blackstone set to build stake in Miller Group

Aaron Morby 11 years ago
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US investment giant Blackstone is in talks with Miller Group to invest £160m in the debt-laden private house builder.

Miller Group has hired advisers from Greenhill to help the company find an investor that is willing to inject fresh equity capital to reduce the company’s £600m debt pile.

Under the proposed deal, Blackstone would take a big stake in the builder as part of a wider refinancing with lenders that is due complete in 2012.

According to a report in the Daily Telegraph Blackstone plans to work with Keith Miller, chief executive, and use the Miller Group as a vehicle for consolidation in the sector.

The firm established a reputation as a consolidator in the leisure and healthcare sectors where it bought several businesses.

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