Funds managed and advised by Oaktree Capital Management, L.P. (Oaktree) announce the acquisition of Millgate Developments Limited (Millgate), a leading premium house builder in the South East of England.
Millgate’s product range will be offered in new and existing Countryside sites under the Millgate brand.
The merger of the two house builders will expand the geographic reach and product offering of both groups increasing the overall value of the combined entity while achieving important synergies. The acquisition is consistent with Countryside’s growth strategy and will allow the Millgate brand to maximise its full potential. David Simpson, Managing Director of Millgate, will also join the Countryside board.
David Simpson said: “The board and staff at Millgate are very excited about the outstanding strategic fit of the businesses. We have found an excellent partner and look forward to working with the Countryside team to expand the Millgate brand into new areas.” Ian Sutcliffe, Executive Chairman of Countryside, commented: “The compatibility of product, geography and culture of the two companies make this an outstanding strategic fit and a great opportunity to broaden our offering. I look forward to David joining the Countryside board and welcoming the Millgate team.”
Oaktree is a global investment management firm focused on alternative markets, with $83.6 billion of AUM as of December 31, 2013. The firm emphasizes a value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed
equities. Headquartered in Los Angeles, the firm has over 800 employees and offices in 16 cities worldwide.
Millgate is a quality-driven, premium house builder reputed for its excellence in design and for the exacting standards it applies to each of its exclusive developments. Millgate is focused on seeking out the most desirable sites, optimising planning, designing with passion and creating value through premium products.
Countryside Properties is a leading residential developer specialising in both greenfield sites as well as the regeneration of urban communities. The Group develops both private and affordable housing with a true sense of community. Headquartered in Essex, the Company’s principal areas of operation are in Greater London and the South East of England