European private equity investment firm Terra Firma has acquired Kier Living, the house building division of UK construction and infrastructure company Kier Group, for £110 mln.
The deal with Kier Group, due due to be finalised over the coming weeks - subject to shareholder approval - will create a standalone UK house building business, to be re-branded Tilia Homes.
Kier Group announced its intention to sell its Living division, which employs around 450 people, in a strategic review in 2019. The business will continue to be run by its existing leadership team.
Addleshaw Goddard (AG) advised Terra Firma, led by corporate partner Graham Cross alongside real estate partners William Boss and Cathy Fearnhead.
Cross said: 'We're delighted to have been able to help Terra Firma bring this transaction to fruition.
'It continues the trend that we have been seeing this year of supportive investors backing UK businesses notwithstanding the challenges of Covid, which can only be encouraging for the economy as a whole as we begin to come out of lockdown.'
