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- Miller Homes
Miller Homes Acquisition & Valuation
Miller Homes was acquired by Apollo Global Management for $1.7B in December 2021, a 1.2x multiple on $1.4B of revenue.
Miller Homes revenue at acquisition
$1.4B
Last twelve months · Dec 2021
Miller Homes revenue multiple at acquisition
1.2x
EV/Revenue · Dec 2021
Miller Homes EBITDA multiple at acquisition
6.4x
EV/EBITDA · Dec 2021
About Miller Homes
Miller Homes is a United Kingdom housebuilder focused on family homes across Scotland and England. Established in 1965 and headquartered in Edinburgh, the company develops communities with three-, four-, and five-bedroom properties, emphasizing quality construction and customer care in regions like Glasgow, Edinburgh, and Yorkshire.
Founded
1934
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.9B (Sep 2026)
Valuation
$1.7B (Sep 2026)
Sectors
Miller Homes Acquisition
Miller Homes was acquired by Apollo Global Management for $1.7B on 24 December 2021.
The acquisition price implies a 1.2x revenue and 6.4x EBITDA multiple on $1.4B of revenue.
Miller Homes is one of the U.K.'s leading homebuilders, operating across England and Scotland. Funds managed by Apollo Global affiliates, together with existing management, entered into a definitive agreement on December 24, 2021, to acquire the company from Bridgepoint Group plc. The transaction closed on April 20, 2022, with Apollo committing financing to redeem existing debt and support ongoing operations. Under Bridgepoint's ownership since 2017, Miller Homes significantly grew, with annual house sales rising by a third, revenues exceeding £1 billion for the first time in 2021 at £1.05 billion (up 57% from 2020), and pre-tax profits increasing nearly 50%. The company sold 3,849 homes in 2021, up 47% from 2020, and reported record forward sales of £665 million. Post-acquisition, Apollo provided £815 million in funding, replaced revolving credit facilities, paid off £404 million in debts, and contributed £12 million to the pension scheme. Miller Homes' strategy post-deal focuses on sustainable growth to reach 6,000 annual completions over five years, leveraging strong market demand that exceeded expectations in 2021.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 24 Dec 2021 | PE buyout | $1.7B | 1.2x | 6.4x |
Miller Homes Valuation
Miller Homes is currently valued at $1.7B, based on its secondary sale in September 2026.
The round was led by Daiwa House Industry.
Miller Homes valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Secondary | $1.7B | 0.9x |
Miller Homes Revenue
Miller Homes' latest recorded revenue is $1.9B, as of its secondary sale in September 2026. At a $1.7B valuation, that implies a 0.9x revenue multiple.
Miller Homes revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2026 | $1.9B | $1.7B | 0.9x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Miller Homes Funding History
Miller Homes has 1 recorded secondary share sale and no primary funding rounds.
| Date | Stage | Investors | Valuation | Deal Summary |
|---|---|---|---|---|
| Sep 2026 | Secondary | Daiwa House Industry (lead) | $1.7B | Apollo-managed funds agreed to sell an approximately 30% minority stake in Miller Homes to Daiwa House Industry Co., Ltd. through Daiwa House UK Member Limited in September 2026, with Apollo retaining control of the business. The deal was announced on September 17, 2026, and completion was scheduled for December 2026 subject to regulatory approvals and other closing conditions; reported third-party pricing indicated a roughly £400 million stake value and a roughly £2 billion enterprise value including debt. The transaction was presented as a strategic partnership that would give Miller Homes additional capital and access to Daiwa House’s construction and real estate expertise as the company expanded its multi-tenure model and pursued an annual delivery target of 7,000 homes. Apollo said it would continue supporting Miller Homes after the minority investment, while Daiwa House positioned the purchase as its first entry into the UK single-family housebuilding market. Miller Homes is a UK housebuilder headquartered in Scotland and owned by Apollo since 2022, operating under Castle-Builder Topco Limited. Daiwa House Industry Co., Ltd. is a major Japanese construction and real estate group based in Osaka, and the acquired stake represented a non-controlling secondary sale rather than a full acquisition or public listing transaction. |
Who has invested in Miller Homes?
1 investor has backed Miller Homes across its funding rounds, including Daiwa House Industry.
Lead investors include Daiwa House Industry.
Miller Homes Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Miller Homes investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Miller Homes
Miller Homes has acquired 1 company to date.
Last acquisition by Miller Homes was on May 21st 2021. Miller Homes acquired Wallace Land Investments for $22M.
Latest Acquisitions by Miller Homes
| Description | Wallace Land Investments is a United Kingdom land promotion company delivering sites for 5,000 homes annually. Operating from the South East, it assembles strategic landbanks, secures planning permissions, and partners with housebuilders for residential developments in growth areas. |
| HQ Country | |
| HQ City | Edinburgh |
| Deal Date | 21 May 2021 |
| Valuation | $22M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Miller Homes acquisitions and their M&A valuation multiples. Start Free Trial | |
Miller Homes Competitors
Miller Homes competitors include listed companies like Neinor Homes, Goodman New Zealand, Century Communities and Realia Business, and private ones like Gruppo Barletta and Shanghai Taomao.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $807M | $183M | $1.7B | 1.7x | ||
| Publicly listed | $139M | ($369M) | $1.7B | 16.8x | ||
| Publicly listed | $4.1B | $219M | $1.7B | 0.9x | ||
| Publicly listed | $345M | $207M | $1.7B | - | ||
| Private | - | - | $1.4B | - | ||
| Private | - | - | $1.3B | - |
Miller Homes Public Comps
Miller Homes is no longer listed, but its public comps include Neinor Homes, Goodman New Zealand, Century Communities, Realia Business, Cury Construtora, Jeudan, Aura Investments, PPI Public Property, Metrovacesa and Intershop Holding.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $807M | $183M | 3.5x | 1.7x | 15.6x | 11.3x | |||
| $139M | ($369M) | 13.6x | 16.8x | (5.1x) | 18.3x | |||
| $4.1B | $219M | 0.8x | 0.9x | 15.3x | 11.4x | |||
| $345M | $207M | 6.4x | - | 10.6x | - | |||
| $1.1B | $275M | 1.7x | 1.4x | 6.3x | 5.8x | |||
| $268M | - | 19.0x | - | - | - | |||
| $632M | $161M | 4.8x | - | 18.8x | - | |||
| $106M | $105M | 42.2x | 14.5x | 42.5x | 19.9x | |||
This data is available for Pro users. Sign up to see all Miller Homes competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Miller Homes
| When was Miller Homes founded? | Miller Homes was founded in 1934. |
| Where is Miller Homes headquartered? | Miller Homes is headquartered in Edinburgh, United Kingdom. |
| Is Miller Homes publicly listed? | No, Miller Homes was acquired by Apollo Global Management in December 2021. |
| Who acquired Miller Homes? | Miller Homes was acquired by Apollo Global Management in December 2021. |
| How much was Miller Homes acquired for? | Miller Homes was acquired for $1.7B in December 2021, a 1.2x revenue multiple. |
| What is Miller Homes' valuation? | Miller Homes was last valued at $1.7B in its secondary sale in September 2026. |
| Who are Miller Homes' investors? | Miller Homes' investors include Daiwa House Industry. |
| What is Miller Homes' revenue? | Miller Homes' latest recorded revenue is $1.9B (September 2026). |
| What is Miller Homes' revenue multiple? | Miller Homes' latest valuation implies a 0.9x revenue multiple ($1.7B valuation on $1.9B of revenue). |
| Which companies are comparable to Miller Homes? | Companies comparable to Miller Homes include Neinor Homes, Goodman New Zealand, Century Communities, Realia Business, Gruppo Barletta and Shanghai Taomao. |
| How many companies has Miller Homes acquired? | Miller Homes has acquired 1 company, including Wallace Land Investments. |
| What was the largest acquisition by Miller Homes? | The $22M acquisition of Wallace Land Investments in May 2021 is the largest acquisition Miller Homes has made to date. |
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