Former Pizza Express owner buys Keepmoat

Aaron Morby 10 years ago
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Lloyds Banking Group has finally sealed a deal with private equity buyers for its stake in house builder Keepmoat.

Private equity giants Sun Capital and TDR Capital – which owned the pizza chain – will pay around £400m for the Doncaster-based social housing developer.

The deal, which has been welcomed by the senior management, will be finalised by the end of November, subject to regulatory clearance.

Under the deal, Lloyds Banking Group, which took control of the company, which became a shareholder following the successful refinancing in October 2012, will be sell their equity interest.

In addition, the group’s senior term debt is expected to reduce from £290m to £260m and strengthening the balance sheet.

Dave Sheridan, Keepmoat CEO, said: “This year is already proving to be a strong year for the business.

“With the support of TDR Capital and Sun Capital, who both have a track record of building value in their portfolio companies, we will have the opportunity to grow the business profitably in the interests of all our stakeholders; our customers and clients; our partners and our suppliers.”

Keepmoat recorded revenues of £930m this year, with nearly 2,000 properties sold by its homes division and its regeneration arm boosted by a major private finance initiative contract win in Leeds.

Stephen Robertson, founding partner at TDR Capital said: “Keepmoat’s vision to be the national, leading service provider and house builder was one of the many reasons we were so interested in the organisation.

“We are excited about working together to continue to build on the successes it has achieved.”

Keepmoat was formed back in March 2012 after the merger of struggling social housing contractor Apollo and the Keepmoat Group of companies.

It has 22 regional offices and employs around 3,000 people across the UK.

 

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