Pitmans Law announced today that it advised luxury housebuilder CALA Homes on its takeover by FTSE-100 insurer Legal & General Capital.
L&G previously owned 47.9% of the housebuilder with Patron Capital owning the remaining.
The takeover saw L&G become the sole owners after buying Patron’s 52.1% stake for £315m, valuing CALA at £605m.
CALA tripled its revenue between 2013 and 2017 and delivered 1,677 completions last year.
Cala’s CEO Alan Brown said: “Today’s investment by Legal & General marks the start of another exciting new chapter for CALA Homes and is a fantastic endorsement of our growth potential from one of the UK’s most highly-respected, blue-chip investors who shares our long-term vision.”
Leading on the deal, Delphine Mehouas, Pitmans Partner, said: “I’m delighted to have supported CALA on this next stage of their growth. We have been advising CALA since 2014, and Banner Homes for over 15 years before they were acquired by CALA, and it’s always rewarding to see client businesses prosper over the years.”
L&G Capital’s CEO Kerrigan Procter said: “Legal & General is delighted to assume full ownership of CALA Homes, a growing business which we know and understand well. It has a strong management team with proven experience of managing a housebuilding business across business cycles, and has delivered great returns for shareholders since its acquisition in 2013.”
Pitmans acts for national housebuilders, landowners, property investors, agents, lenders and funders and will continue to support CALA with integrated advice across the development investment cycle.