CALA Homes sold by Legal & General
Legal & General has finalised the £1.35 billion sale of housebuilder CALA Homes to investment firms Sixth Street Partners and Patron Capital. Patron Capital, which sold its stake in CALA to Legal & General six years ago in a deal valuing the company at £605 million, has now re-acquired a share in the business.
CALA , ranked as the ninth largest housebuilder in the UK according to Housebuilder’s upcoming Top 25 listing set for release in October, constructed 2,917 homes across Scotland and England. The company employs 1,475 people and reported a turnover of £1,252 million.
Kevin Whitaker, Chief Executive of CALA said “The acquisition by Sixth Street Partners and Patron Capital demonstrates confidence in Cala’s business plan and growth potential, as our talented team continues to build high quality, sustainable new homes throughout the UK. L&G has been a great support to CALA throughout its investment and ownership. Since 2013, we have grown revenues and profits five- and ten-fold respectively, and tripled the number of homes we build each year.”
Julian Salisbury, Co-Chief Investment Officer of Sixth Street, said: “CALA has a bright future and we are proud to be entering this new chapter as stewards of a company with such a deep history and long track record of sustainable growth. We, together with Patron Capital, look forward to continuing to support CALA and its management team, not only with capital but also with the significant resources of our London-based real estate investment team led by Giulio Passanisi.”
Keith Breslauer, Managing Director of Patron Capital, said: “We are pleased to be able to back the CALA business once again. CALA is one of the UK’s leading housebuilders with a best-in-class landbank and a focus on building high-quality homes, being consistently ranked five-star for customer service. Furthermore, CALA is also a people business with a strong corporate culture and a business we know well, and we look forward to working closely with CALA’s impressive management team and our partner, Sixth Street, to further build the business and help tackle the undersupply of homes in the UK.”
