TDR Capital and Sun Capital to acquire Keepmoat (UK)

Keepmoat, the leading national provider of integrated affordable housing development and community regeneration services, is pleased to announce that Sun Capital and investment funds managed by TDR Capital LLP have signed an agreement to acquire Lakeside 1 Limited, the holding company of Keepmoat. Completion is expected to occur by the end of 2014 and is subject to regulatory clearance.
Keepmoat is delighted that TDR Capital and Sun Capital are investing in the business to support the long-term growth ambitions of the company which, when coupled with the group’s positive financial and trading performance and the demand for new and improved homes and communities, make this an incredibly exciting time for the business. As part of the transaction, Lloyds Banking Group, who became a shareholder following the successful refinancing in October 2012, will be selling their equity interest in Keepmoat, but will continue to support the business from a banking perspective.
In the year to March 2014, Keepmoat recorded revenues of £930 million (, with nearly 2,000 properties sold by its homes division and its regeneration arm boosted by a major private finance initiative contract win in Leeds. Keepmoat offers a complete solution in creating and maintaining better communities – from building new homes and public buildings, to responsive maintenance and repairs.
Dave Sheridan, Keepmoat CEO, commented: “We are delighted to be entering the next phase in Keepmoat’s development with TDR Capital and Sun Capital. This year is already proving to be a strong year for the business and with the support of TDR Capital and Sun Capital, who both have a track record of building value in their portfolio companies, we will have the opportunity to grow the business profitably in the interests of all our stakeholders; our customers and clients; our partners and our suppliers.”
Stephen Robertson, founding partner at TDR Capital LLP commented: “Keepmoat’s vision to be the national, leading service provider and house-builder was one of the many reasons we were so interested in the organisation. We are excited about working together to continue to build on the successes it has achieved.”
Source: Keepmoat