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 acquisition price

$1.7B

Acquired by Apollo Global Management · Dec 2021

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

Miller Homes Overview

About Miller Homes

Miller Homes is a British housebuilder headquartered in Edinburgh that builds family homes across Scotland and England. It was founded in 1934 by Sir James Miller, later joined by his brothers John and Lawrence, and was building close to 500 houses a year in Edinburgh during the 1930s. The group sold its southern housing arm to Kier in 1996, bought Cussins Homes, Birch Homes and Crest Nicholson's Yorkshire region around 1999-2000, and acquired Fairclough Homes in 2005 for £246 million, reaching about 4,000 homes a year. It sold its construction division to Galliford Try in 2014 and shelved a planned stock market flotation the same year. Bridgepoint bought the business in 2017 for £655 million, when it sold 2,380 homes and made £103 million of operating profit, and Apollo Global Management acquired it in 2022 for about £1.3 billion. It earns its revenue from selling the new homes it builds, and in 2021 added 17,500 plots of strategic land by buying Wallace Land Investments. In December 2024 it agreed to buy St Modwen Homes for about £215 million, and in September 2026 Daiwa House bought a 30% stake from Apollo, with Miller targeting 7,000 completions a year.


Founded

1934

HQ

United KingdomEdinburgh

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$1.9B (Sep 2026)

Valuation

$1.7B (Sep 2026)

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.

Miller Homes acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
24 Dec 2021PE buyout$1.7B1.2x6.4x

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

Miller Homes valuation by funding round
DateStageValuationRevenue Multiple
Sep 2026Secondary$1.7B0.9x

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

Miller Homes revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2026$1.9B$1.7B0.9xSecondary

* 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.

Miller Homes funding rounds
DateStageInvestorsValuationDeal Summary
Sep 2026SecondaryDaiwa House Industry (lead)$1.7BApollo-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

Investors in Miller Homes by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Miller Homes

Miller Homes has acquired 2 companies to date.

Last acquisition by Miller Homes was on December 20th 2024. Miller Homes acquired St. Modwen Homes for $270M.


Latest Acquisitions by Miller Homes

St. Modwen Homes
Wallace Land Investments
Description
St. Modwen Homes is a UK housebuilder that develops and sells new homes under its own brand. It was built up inside St. Modwen Properties, the Birmingham-based regeneration and property developer that Blackstone acquired in 2021, and its legal entity, St. Modwen Homes Limited, was incorporated in 2014. The business buys and promotes land, builds houses on its own sites and earns its revenue from the sale of homes to private buyers, with part-exchange and deposit-assistance schemes. When it was sold it had 19 live sites with about 3,500 plots plus five strategic sites, concentrated in the West Midlands, East Midlands, the South and the South West of England. It reported turnover of £371 million and 1,313 home sales in the year to December 2022 and holds five-star builder status in the industry's customer satisfaction survey. Since February 2025 it has been owned by Miller Homes, which kept the St. Modwen Homes brand as a second private brand.
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 CountryUnited KingdomUnited Kingdom
HQ City
-
Edinburgh
Deal Date20 Dec 202421 May 2021
Valuation$270M$22M
EV/Revenue
EV/EBITDA

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Miller Homes Competitors

Miller Homes competitors include listed companies like PPI Public Property, Knowledge Economic City, Airport City and Intershop Holding, and private ones like Gruppo Barletta and citizenM.

Public and private companies comparable to Miller Homes
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PPI Public PropertyNorwayNorwayPublicly listed$106M$105M$1.7B13.4x
Knowledge Economic CitySaudi ArabiaSaudi ArabiaPublicly listed$85M($6M)$1.7B-
Airport CityIsraelIsraelPublicly listed$360M-$1.8B-
Intershop HoldingSwitzerlandSwitzerlandPublicly listed$142M-$1.8B14.5x
Gruppo BarlettaItalyRomePrivate--$1.4B-
citizenMNetherlandsAmsterdamPrivate--$2.2B-

Miller Homes Public Comps

Miller Homes is no longer listed, but its public comps include PPI Public Property, Knowledge Economic City, Airport City, Intershop Holding, Realia Business, Luenmei Quantum Co, Intea Fastigheter, Torunlar GYO, Jeudan and HIAG Immobilien Holding.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PPI Public Property$106M$105M43.3x13.4x43.7x18.5x
Knowledge Economic City$85M($6M)28.9x-(409.7x)-
Airport City$360M-9.3x---
Intershop Holding$142M-17.7x14.5x-15.7x
Realia Business$338M$202M6.4x-10.7x-
Luenmei Quantum Co$486M$222M2.6x2.7x5.8x6.0x
Intea Fastigheter$159M$140M20.1x17.6x22.7x21.7x
Torunlar GYO$296M$180M5.8x5.2x9.6x7.1x

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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 PPI Public Property, Knowledge Economic City, Airport City, Intershop Holding, Gruppo Barletta and citizenM.
How many companies has Miller Homes acquired?Miller Homes has acquired 2 companies, including St. Modwen Homes and Wallace Land Investments.
What was the largest acquisition by Miller Homes?The $270M acquisition of St. Modwen Homes in December 2024 is the largest acquisition Miller Homes has made to date.

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