Legal & General Group Plc (L&G) has announced the sale of the housebuilder CALA Group to Ferguson Bidco Limited
L&G have released a statement announcing that they have sold CALA Group, a housebuilding company, to Ferguson Bidco, for £1.35bn.
Cala has a net value of £1.15bn
Cala is one of the UK’s leading housebuilders, on track to have delivered around 3,000 new homes across the South of England, the Cotswolds, and Scotland by the end of 2024.
Ferguson Bidco is owned by Sixth Street Partners and Patron Capital, a global investment firm and a European investor focused on property-backed investments, respectively.
The sale is expected to be completed in Q4 of 2024
Kevin Whitaker, CEO of Cala said: “Today’s announcement is excellent news for Cala. This investment by Sixth Street and Patron demonstrates their confidence in Cala’s business plan and further potential. We look forward to developing a strong partnership with Sixth Street and reigniting the excellent relationship we shared with Patron between 2013 and 2018.
“I would like to thank Legal & General for their support since they first invested in Cala. With their backing, Cala has successfully tripled the number of homes we build each year, whilst revenue and profits have grown five- and ten- fold respectively.
“Cala’s biggest strength is the talent and passion of our people, and I would like to thank our dedicated employees for continuing to deliver for the business and our customers. Cala is in a strong position to go forward, with new ownership and a platform to deliver our next stage of growth. We have talented teams in place across the business, and continue to invest in our land pipeline, to grow our delivery of high quality, sustainable new homes throughout the UK.”
Keith Breslauer, managing director and founder of Patron Capital, said: “We are pleased to be able to back the Cala business once again. Cala is one of the UK’s leading housebuilders with a best-in-class landbank and a focus on building high-quality homes, being consistently ranked five-star for customer service. Furthermore, Cala is also a people business with a strong corporate culture and a business we know well, and we look forward to working closely with Cala’s impressive management team and our partner, Sixth Street, to further build the business and help tackle the undersupply of homes in the UK.”
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