Thursday, September 11, 2014

News: Keepmoat sold to private equity firms

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Keepmoat, the Doncaster-based affordable housing and community regeneration specialist, has been acquired by private equity firm Sun Capital and investment funds managed by TDR Capital LLP.

The deal, reported to be worth around £400m, includes Keepmoat's Rotherham-based regeneration team, previously known as Bramall Construction.

Keepmoat said in a statement that the investment would "support the long-term growth ambitions of the company which, when coupled with the group's positive financial and trading performance and the demand for new and improved homes and communities, make this an incredibly exciting time for the business."

In the year to March 2014, Keepmoat recorded revenues of £930m, with nearly 2,000 properties sold by its homes division and its regeneration arm.

Dave Sheridan, CEO at Keepmoat, said: "We are delighted to be entering the next phase in Keepmoat's development with TDR Capital and Sun Capital. This year is already proving to be a strong year for the business and 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."

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Following the merger between Essex-based Apollo and the Keepmoat Group of companies - Bramall Construction, Frank Haslam Milan, Milnerbuild and Keepmoat Homes, the group simply became Keepmoat in 2012.

Keepmoat's origins go back to 1931 when George Bramall and Dick Ogden set up as General Building Contractors and were based at Gore Hill in Wath upon Dearne, Rotherham. The company's first job was to replace privy middons with mains drainage for toilets out in the back yards of terraced houses for Wath Urban District Council.

With headquarters at Manvers, Bramall celebrated 80 years in Rotherham in 2011. They specialised in refurbishment, new build, Extra Care, specialist housing and bringing schools up to 21st Century standards.

One of the Manvers-based regeneration team's latest projects is the £33m housing development at the Whinney Hill site in Rotherham.

Keepmoat website

Images: Keepmoat

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