LONDON (Reuters) - Private equity firm Bridgepoint is about to buy British house builder Miller Homes for 655 million pounds ($865.6 million), from a subsidiary of Blackstone (BX.N), a private equity and alternative investment firm, a source close to the matter said.
A spokesman for Bridgepoint declined to comment.
GSO Capital, Blackstone’s credit arm, took control of the construction company in a refinancing which was announced in late 2011. In 2014 Miller scrapped plans for an initial public offering, citing market volatility.
In 2016, Miller Homes had 565 million pounds in revenue and operating profit of 103 million pounds, up from 500 million pounds and 78 million pounds respectively in 2015.
Miller Homes had benefited from a government scheme aimed at helping buyers get on the housing ladder, with over a third of new home reservations in 2016 coming through the scheme.
The British and Scottish governments, have both committed to retaining their schemes through to at least 2021 and 2019 respectively, Miller Homes said in an annual report.
Reporting by Dasha Afanasieva, editing by Rachel Armstrong and David Evans