CALA Group Acquisition, Valuation, Funding & Investors
CALA Group was acquired by Ferguson for $1.7B in September 2024, a 1.1x multiple on $1.6B of revenue.
CALA Group revenue at acquisition
$1.6B
Last twelve months · Sep 2024
CALA Group revenue multiple at acquisition
1.1x
EV/Revenue · Sep 2024
Cumulative funding CALA Group raised
$21M
across 1 funding round
About CALA Group
CALA Group constructs new homes across Scotland, the North East, and London from its headquarters in Edinburgh. The builder develops over 4,000 homes annually in communities emphasizing energy efficiency and green spaces. CALA Group offers part-exchange schemes and incentives like deposit assistance, partnering with local councils on affordable housing projects while achieving NHBC awards for quality construction.
HQ
SloughWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.6B (Sep 2024)
Valuation
$279M (Apr 2013)
Sectors
CALA Group Acquisition
CALA Group was acquired by Ferguson for $1.7B on 18 September 2024.
The acquisition price implies a 1.1x revenue multiple on $1.6B of revenue.
Before the acquisition CALA Group had raised $21M across 1 funding round.
Legal & General Group sold CALA Group, a leading UK housebuilder focused on high-quality homes in the South of England, Cotswolds, and Scotland, to Ferguson Bidco Limited for an enterprise value of £1.35 billion. CALA, with roots dating to 1875 in Aberdeen, was on track to deliver around 3,000 new homes by end-2024, held a net asset value of £1.15 billion as of HY2024, and generated £42 million in operating profits. Ferguson Bidco is owned by funds managed by Sixth Street Partners, a global investment firm with over £75 billion in assets under management, and Patron Capital, a European property-backed investor with £10 billion in assets that previously held a 52% stake in CALA from 2013 to 2018. The deal structure includes £1.16 billion in cash proceeds to Legal & General after net debt adjustment, with £500 million paid at closing and the remainder deferred over five years on a non-contingent basis. Completion is expected in Q4 2024. Under Legal & General's ownership since 2013, CALA tripled annual home deliveries, grew revenues five-fold, and increased profits ten-fold, achieving consistent five-star customer service ratings and maintaining a best-in-class landbank. Strategic rationale centers on Sixth Street and Patron's confidence in CALA's growth potential and business plan to address UK housing undersupply, leveraging their prior relationship and real estate expertise including Sixth Street's London-based team. The sale supports Legal & General's capital allocation strategy, simplifying its portfolio, reducing solvency capital requirement by £100 million, and funding reinvestments and shareholder returns as outlined in its June 2024 Capital Markets Event.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 18 Sep 2024 | Strategic M&A | $1.7B | 1.1x |
CALA Group Valuation
CALA Group is currently valued at $279M, based on its undisclosed-stage round in April 2013.
The $21M round included Patron Capital Partners and Epiris.
CALA Group valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2013 | Undisclosed stage | $279M |
CALA Group Funding History
CALA Group has raised a total of $21M across 1 funding round, plus 1 secondary share sale.
CALA Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2017 | Secondary | Patron Capital Partners | - | - | Epiris announced on 19 April 2017 the sale of Electra Private Equity plc's interests in the housebuilder CALA Group and the equity release provider Retirement Bridge Group to Patron Capital Partners for aggregate proceeds of £94 million across both holdings. Electra had made both investments alongside Patron: in CALA as a minority investor in Patron and Legal & General's acquisition of the business from Lloyds Banking Group in 2013, and in Retirement Bridge as a 50:50 joint venture in the carve-out of the business from Grainger plc in 2016. CALA develops upmarket family homes in affluent locations in Scotland, the Midlands and southern England and had expanded through the acquisition of Banner Homes, part-funded by Electra in 2014. The sales followed Electra Private Equity's termination of its management contract with Epiris, which the firm said had left Electra unable to support the previously agreed business plan for Retirement Bridge. Alex Fortescue, Charles Elkington, Owen Wilson, Arvind Tewari and Nicola Gray were responsible for the investments and exits. |
| Apr 2013 | Undisclosed stage | Patron Capital Partners; Epiris | $21M | $279M | CALA Group Limited is a UK premium residential home builder specializing in well-designed homes in prime locations across affluent areas including the Home Counties, the Cotswolds, and regions around Glasgow, Edinburgh, and Aberdeen. The company builds approximately 875 homes annually with an average selling price of £340,000, significantly higher than larger competitors, and focuses on properties ranging from starter homes to luxury detached family residences. In March 2013, Patron Capital Partners led the acquisition of CALA Group from Lloyds Banking Group alongside co-investor Legal & General Group plc and Electra Partners as a minority investor. The transaction valued CALA at £210 million enterprise value, financed by £140 million of equity and £70 million of debt. Under the agreement, Patron and Legal & General each took a 46.5% equity stake with CALA management retaining a 7% share, and both investors secured board representation. Lloyds Banking Group provided a new £100 million five-year banking facility to support the business. At the time of acquisition in February 2013, CALA controlled a land bank of 9,900 owned and contracted plots with a potential gross development value of approximately £3.1 billion, representing roughly 10 years of projected output. The company had returned to profitability in 2011—the first time since 2007—one year ahead of management's plans, and reported a six-fold increase in profit before tax in 2012 with total completions up 35% year-over-year. By February 2013, early trading showed home sales up 34% on the prior year period at an average selling price of approximately £330,000. During the ownership period under Patron and Legal & General, CALA substantially increased in size, more than tripling the number of homes built annually and acquiring Banner Homes to diversify the business. The company grew revenues and profits five-fold and ten-fold respectively from 2013 to 2024. Electra Partners exited its minority investment in April 2017 when Patron and others realized their positions. In 2024, Legal & General agreed to sell CALA to Sixth Street Partners and Patron Capital for £1.35 billion enterprise value, demonstrating significant value creation over the decade-long ownership period. |
Who has invested in CALA Group?
2 investors have backed CALA Group across its funding rounds, including Patron Capital Partners and Epiris.
CALA Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by CALA Group
CALA Group has acquired 2 companies to date.
Last acquisition by CALA Group was on May 4th 2023. CALA Group acquired Taylor Lane Timber Frame for undisclosed valuation.
Latest Acquisitions by CALA Group
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Banner Homes | ||
| Description | Taylor Lane Timber Frame is a Bridport-headquartered UK supplier of prefabricated timber frames, roof trusses, and engineered wood products. The company manufactures structural insulated panels and Posi-Joist floor systems for residential and commercial builders across England and Wales from its Devon production site. | Banner Homes is a London-based residential developer specializing in luxury townhouses and apartments in prime southern England locations like Berkshire and Surrey. The firm constructs bespoke properties with sustainable materials, home automation systems, and landscaped gardens, targeting high-net-worth buyers. |
| HQ Country | | |
| HQ City | Hereford | Basingstoke |
| Deal Date | 4 May 2023 | 12 May 2014 |
| Valuation | undisclosed | $337M |
| EV/Revenue | ||
| EV/EBITDA | ||
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CALA Group Competitors
CALA Group competitors include listed companies like Jeudan, Aura Investments, Realia Business and Knowledge Economic City, and private ones like Gruppo Barletta and Shanghai Taomao.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
 Denmark | Publicly listed | $270M | - | $1.7B | |
 Israel | Publicly listed | $628M | $160M | $1.7B | |
 Spain | Publicly listed | $347M | $208M | $1.7B | |
 Saudi Arabia | Publicly listed | $85M | ($6M) | $1.7B | |
 Rome | Private | - | - | $1.4B | |
| Shanghai Taomao |  China | Private | - | - | $1.3B |
CALA Group Public Comps
CALA Group is no longer listed, but its public comps include Jeudan, Aura Investments, Realia Business, Knowledge Economic City, Century Communities, Neinor Homes, ISRAEL CANADA, Goodman New Zealand, NCC and Intea Fastigheter.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $270M | - | 19.1x | - | - | - | |||
| $628M | $160M | 4.8x | - | 19.0x | - | |||
| $347M | $208M | 6.4x | - | 10.6x | - | |||
| $85M | ($6M) | 28.5x | - | (403.7x) | - | |||
| $4.1B | $219M | 0.8x | 0.9x | 15.2x | 11.3x | |||
| $811M | $184M | 3.5x | 1.7x | 15.5x | 11.4x | |||
| $287M | $54M | 15.8x | - | 84.5x | - | |||
| $140M | ($371M) | 13.3x | 16.6x | (5.0x) | 18.1x | |||
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Common questions about CALA Group
| Where is CALA Group headquartered? | CALA Group is headquartered in Slough, United Kingdom. |
| Is CALA Group publicly listed? | No, CALA Group was acquired by Ferguson in September 2024. |
| Who acquired CALA Group? | CALA Group was acquired by Ferguson in September 2024. |
| How much was CALA Group acquired for? | CALA Group was acquired for $1.7B in September 2024, a 1.1x revenue multiple. |
| What is CALA Group's valuation? | CALA Group was last valued at $279M in its undisclosed-stage round in April 2013. |
| How much funding has CALA Group raised? | CALA Group has raised $21M across 1 funding round. |
| What was CALA Group's last funding round? | CALA Group's last funding round was a $21M undisclosed-stage round in April 2013. |
| Who are CALA Group's investors? | CALA Group's investors include Patron Capital Partners and Epiris. |
| Which companies are comparable to CALA Group? | Companies comparable to CALA Group include Jeudan, Aura Investments, Realia Business, Knowledge Economic City, Gruppo Barletta and Shanghai Taomao. |
| How many companies has CALA Group acquired? | CALA Group has acquired 2 companies, including Taylor Lane Timber Frame and Banner Homes. |
| What was the largest acquisition by CALA Group? | The $337M acquisition of Banner Homes in May 2014 is the largest acquisition CALA Group has made to date. |
See companies similar to CALA Group
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