Financial terms have not been disclosed regarding the deal, which is expected to complete in the first quarter of 2022.

Miller Homes, which recently secured the purchase of land to bring 526 new homes at multiple locations across the east of Scotland and itself acquired Wallace Land Investments and Management Limited last year, was acquired by Bridgepoint for £655 million in 2017.

The Edinburgh-headquartered housebuilder was established in 1934 and is focused on building high-quality family homes in regional markets in Scotland and England. It delivers around 4,000 properties a year across nine regions, with ambitions to grow to 6,000 units annually in the medium term.

Chris Endsor, chief executive officer of Miller Homes, said: “This is an exciting development for Miller Homes in continuing our recent strong momentum. Apollo has deep housing expertise, with a global platform, extensive resources and capital to create value for all stakeholders.

“I would like to thank the team at Bridgepoint for all the support they have provided during their ownership of the business. The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances. We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known.”

Alex Humphreys, partner at Apollo, said: “We are delighted that the Apollo Funds are acquiring Miller Homes. The company’s reputation for exceptional customer service and high-quality homes has differentiated it as a respected leading homebuilder. Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy.”

Fellow partner Christopher Hojlo added: “We continue to see opportunities to invest in the residential housing market as consumer demand for new homes accelerates. Today’s announcement further builds on Apollo’s continued commitment to the housing sector, most recently including current and pending investments by Apollo and its affiliates in US homebuilder, The New Home Company, and leading UK specialist mortgage lender, Foundation Home Loans. We look forward to leveraging our industry knowledge and relationships to scale the business and to provide more customers with high-quality family homes.”

Jamie Wyatt, partner and co-head of U.K. investment at Bridgepoint, said: “We are delighted to have supported Miller Homes and its management to grow the business over the last four years. Under our period of ownership, the number of houses sold per annum rose by a third, revenues exceeded £1 billion for the first time and profits increased by almost 50%. The business also expanded into new UK regions and completed two strategic acquisitions. We wish the whole team and their new investors every success in the exciting next phase of the Miller Homes journey.”

Apollo said it has committed financing to complete the acquisition and expect to redeem the existing financing prior to close. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2022.

Miller Homes received legal advice from DLA Piper regarding the deal.