A property developer run by a former boss of Persimmon has partnered with funds advised by Elliott Advisors (UK) to acquire Derbyshire-headquartered housebuilder Avant Homes.
Berkeley DeVeer, based it Wetherby, currently operates across Yorkshire and the North East of England. Its chief executive is Jeff Fairburn, who left listed housebuilder Persimmon in 2018.
Avant Homes has 60 live developments across five regions in the Midlands, Yorkshire, North East England and Scotland.
The Chesterfield-headquartered company currently builds approximately 2,000 homes each year, has a turnover of circa £500m and employs about 780 people.
Under its new ownership, Avant Homes will continue to be led by the existing management team.
As previously announced, chief operating officer Mark Mitchell will become chief executive on 1 May 2021, replacing Colin Lewis, who will become non-executive deputy chairman. Jeff Fairburn will become chairman of Avant Homes.
Mark Mitchell, CEO designate at Avant Homes, said: “The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential. This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support.
“We are delighted to have secured the backing of new owners who share our long-term vision for the group. Their backing will provide us with additional means to push on with our growth plans as we seek to double our revenues and triple our profits over the next five years.”
Jeff Fairburn, CEO at Berkeley DeVeer, added: “Avant Homes is a fantastic business, with a strong proposition and a compelling track record of growth. It has a high quality management team that has transformed the business, with an unrivalled focus on building design-led homes in the UK housing market’s fastest growing regions.
“We look forward to working with the team to further invest in the business and develop it into one of the UK’s leading housebuilders.”
Elliott Advisors (UK) is an affiliate of global fund manager Elliott Investment Management.