Private equity giant Apollo strikes deal to buy United Living in a blow to UK social housing
Apollo has bought a UK housing group to expand its portfolio of socially responsible investments.
The private equity giant has announced a deal to acquire United Living, a provider of maintenance and construction services to the affordable housing sector. The deal should be completed in the summer.
“As investments in infrastructure and social housing remain a top priority, we believe the company is well positioned for further growth,” said Apollo partner Joanna Reiss.
Apollo has purchased United Living to expand its portfolio of socially responsible investments
United Living CEO Neil Armstrong said, “With Apollo’s resources and significant investment experience in the infrastructure and social housing markets, we look forward to building on our momentum and expanding strategically.”
While the price tag was not disclosed, the transaction had valued Kent-based United at more than £300 million, people with knowledge of the deal told Bloomberg.
Several private equity firms, including Bain Capital, KKR and Canada’s Brookfield Asset Management, are trying to pump money into socially responsible investments as institutions increasingly focus on goals that can deliver environmental or social benefits.
It’s not Apollo’s first foray into the real estate market. It bought Edinburgh-based homebuilder Miller Homes for more than £1 billion last year.
Earlier this month, New York-based Apollo dropped plans to acquire engineering firm Wood Group after a four-month pursuit.
Just days earlier, Apollo saw online retailer THG end takeover talks after the company’s board concluded there was “no longer any merit” in continuing the discussions and rejected a buyout proposal.