Henry Boot is set to take full ownership of housebuilder Stonebridge Homes Group, buying the 50% share it does not own from joint venture partner Stonebridge Projects.
The deal is structured to complete in three tranches over the next five years with a fixed payment of £30m and further payments linked to the performance of Stonebridge over the period, with a cap on the total consideration of £65m.
Henry Boot chief executive Tim Roberts said: “This transaction represents an important strategic milestone for Henry Boot, allowing us to acquire full ownership of a high-growth builder of premium residential homes that we already know well through our existing 50% share in the business.
“The acquisition of Stonebridge also further cements our position in the UK housebuilding sector, a market which currently benefits from a number of supportive structural and political tailwinds, while at the same time simplifies Henry Boot’s structure.”
Stonebridge was founded in 2010 and has increased its output by an average 25% per year over the past decade. In the five years to 31 December 2023, revenue and operating profit more than doubled to £94.4m and £5.9m, respectively.
Image from Henry Boot
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