A £450 million turnover Midlands housebuilder has been sold to a smaller developer based in northern England, backed by a global fund manager.
Avant Homes Group, which builds around 2,000 homes a year and has 780 staff, has been bought by Wetherby-based Berkeley DeVeer.
Berkeley DeVeer currently operates across Yorkshire and the north east of England, while Avant - which is based in Chesterfield - has 60 live developments across the Midlands, Yorkshire, the north east and Scotland.
Berkeley DeVeer Limited had a turnover of around £28 million in the year to March 2020, and the acquisition has been funded by Elliott Advisors (UK), part of the Elliott Investment Management group.
The new backing will help with Avant’s medium and long-term growth strategy.
Under its new ownership, Avant will continue to be led by the existing management with chief operating officer Mark Mitchell becoming its CEO on May 1, a move that was announced last December.
Current CEO Colin Lewis will become Avant’s non-executive deputy chairman, while Berkeley DeVeer chief executive Jeff Fairburn will become chairman of the Avant Homes Group.
Mark Mitchell, chief executive designate of Avant Homes, said: “The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential.
“This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support.
“We are delighted to have secured the backing of new owners who share our long-term vision for the group.
“Their backing will provide us with additional means to push on with our growth plans as we seek to double our revenues and triple our profits over the next five years.”
Berkeley DeVeer CEO Jeff Fairburn said: “Avant Homes is a fantastic business, with a strong proposition and a compelling track record of growth.
“It has a high quality management team that has transformed the business, with an unrivalled focus on building design-led homes in the UK housing market’s fastest growing regions.
“We look forward to working with the team to further invest in the business and develop it into one of the UK’s leading housebuilders.”
