Affordable housing specialist United Living is being acquired by US private equity giant Apollo Global Management.
Apollo did not disclose the financial terms of the deal, which is expected to close this summer, when announcing the news today (May 30).
United Living, which had a turnover of £265.4m in the year ending 31 March 2022 and employs more than 1,100 people across the country, was one of 10 companies. appointed for a major £3bn upgrade programme with the L&Q housing association in March.
the signature announced a pre-tax loss of £11.5m earlier this year, citing legacy claims and losses on onerous contracts.
United Living chairman, founder and chief executive Neil Armstrong said the investment would help the group strengthen its offering in its three key areas: infrastructure, new homes and property services.
“With Apollo’s resources and significant investment experience in the infrastructure and social housing services markets, we look forward to building on our momentum and strategically expanding across our three pillars,” he said in a statement .
“We see significant opportunities to further improve access to high-quality affordable housing and key infrastructure across the UK, and this partnership can enable us to invest in our vision to help reduce inequalities and create better cities and communities sustainable”.
Joanna Reiss, partner and co-head of impact at Apollo, said the move would deepen United Living’s positive impact on the affordable housing sector.
“United Living is a proven provider with an exceptional reputation for quality and reliability that has a profound impact on affordable housing residents and their broader communities,” he said.
“As investment in infrastructure and social housing remains a key priority, we believe the business is well positioned to continue to grow.”
Apollo, which recently opened expanded offices in London, acquired Edinburgh-based housebuilder Miller Homes last year in a deal valued at £1.2bn for Financial Times.
