The sale marks an exciting new chapter for the homebuilding business
which employs around 430 people and completed over 1,100 private and affordable
homes in the year to June 2020 across its Central, Eastern, Northern and
Western regions.
The
business will continue to be run by its existing senior leadership team, led by
CEO David Bridges. Commenting on the announcement, he said: “The
completion of Kier Living’s sale is a really positive step for our teams,
customers and partners and presents an exciting opportunity to move forward
with our new owner and invest in our future.
“The backing of Terra Firma will enable the business to build on our
strong foundations and create a thriving and sustainable company which delivers
quality homes and a first-class customer service. With the acquisition being equity-funded,
our ability to compete in the land market will be significantly enhanced and continuing
our active land acquisition programme will be a key pillar of our future growth
plans.
“We have a great team across the business, and I look forward to working
with them and our new owner on a shared vision and strategy for Tilia Homes.”
Terra Firma is one of Europe’s leading private equity firms,
specialising in asset-backed businesses with strong growth potential. Guy
Hands, Chairman and Chief Investment Officer comments: “With the successful
completion of the sale now behind us, Terra Firma are delighted to work with
David and the management team to drive the business into this new and exciting
phase. Under a new, refreshed brand – Tilia Homes – we believe the business
will play a crucial role in delivering high-quality, affordably priced housing
across the UK.”