Aberdeen housebuilder Cala has been sold to leading global investors in a deal worth more than £1.3billion this morning.
Ferguson Bidco - an entity owned by funds managed by Patron Capital and Sixth Street Partners - has acquired the homes firm from Legal & General Group after months of speculation.
Kevin Whitaker, CEO of Cala, said the deal was "excellent news" for the company, which traces its roots back to Aberdeen in 1875.
Sixth Street is a leading global investment firm which has over £75billion of funds under management.
Patron has a further £10billion of assets under management and previously owned a 52% stake in Cala, which it sold to Legal & General in 2018.
Mr Whittaker added: "The acquisition by Sixth Street Partners and Patron Capital demonstrates confidence in Cala's business plan and growth potential, as our talented team continues to build high quality, sustainable new homes throughout the UK.
L&G has been a great support to Cala throughout its investment and ownership. Since 2013, we have grown revenues and profits five- and ten-fold respectively, and tripled the number of homes we build each year."
Julian Salisbury, Co-Chief Investment Officer of Sixth Street, said: "Cala has a bright future and we are proud to be entering this new chapter as stewards of a company with such a deep history and long track record of sustainable growth.
"We, together with Patron Capital, look forward to continuing to support Cala and its management team, not only with capital but also with the significant resources of our London-based real estate investment team led by Giulio Passanisi."
Keith Breslauer, Managing Director of Patron Capital, said: "We are pleased to be able to back the Cala business once again. Cala is one of the UK's leading housebuilders with a best-in-class landbank and a focus on building high-quality homes, being consistently ranked five-star for customer service.
"Furthermore, Cala is also a people business with a strong corporate culture and a business we know well, and we look forward to working closely with Cala's impressive management team and our partner, Sixth Street, to further build the business and help tackle the undersupply of homes in the UK."
António Simões, Group Chief Executive Officer of Legal & General said: "Cala has been an important part of L&G for over a decade, with profits increasing ten-fold since our initial investment in 2013.
"The sale announced today will provide capital to deliver our strategic goals of sustainable growth alongside enhanced returns for shareholders. I would like to thank the whole Cala team for their contribution to the Group and wish them every success in the future."