Legal & General finalises sale of Cala to Ferguson Bidco [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Company Research
Source: Yahoo! Finance
Ferguson Bidco is an entity owned by funds managed by Sixth Street Partners and Patron Capital. Cala, with projects across the South of England, the Cotswolds, and Scotland, was previously jointly owned by L&G and Patron Capital. In 2018, L&G acquired the remaining 52.1% of Cala Homes from Patron, taking full ownership. Cala CEO Kevin Whitaker said: “Today's announcement is excellent news for Cala. 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.” The latest sale is expected to yield cash proceeds of approximately £1.16bn after adjustments for net debt, with around £500m to be paid at closing.
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