Description

Keepmoat Homes is the UK’s leading developer of low-cost, affordable housing, building c. 4,000 houses a year.

Keepmoat develops homes targeted at the affordable, first-time buyer market in areas outside London. Keepmoat typically develops brownfield land in partnership with local authorities, delivering high quality homes primarily for the private sale market.

Transaction

Our involvement in the UK social housing sector dates back to 2008 when we were first involved with VPS Holdings (“VPS”) which, amongst other activities, provided property and security services to the social housing sector in the UK. 

During our ownership of VPS, we gained an in-depth understanding of the unique dynamics of the customer base (local government and similar entities) and their associated funding streams, and the competitors within Keepmoat’s market.

We identified Keepmoat as the leading player within the social housing maintenance industry, and one of very few national players with a full range of services. However, Keepmoat was severely constrained by its capital structure and ownership, both of which were a result of a debt-for-equity restructuring completed by Lloyds Banking Group in 2012.

Due to our insight into the business and industry, as well as our strong relationship with management, we were well positioned to acquire Keepmoat and completed the transaction in November 2014.

In May 2017 we sold Keepmoat’s social housing maintenance division (Keepmoat Regeneration) to ENGIE – a French conglomerate. 

What we've done

Since TDR’s acquisition, Keepmoat’s housebuilding business has expanded substantially. We have led investment in geographical expansion, increasing the number of operating regions from four to ten, more than doubling the capacity of the business.

As a result, Keepmoat Homes is now the market leader in the provision of affordable housing for private sale, constructing c. 4,000 new affordable homes per year.

Our investment in Keepmoat Homes led to the development of ilke Homes, a modular housing manufacturer, addressing the chronic shortage of affordable housing in the UK. For further information please refer to ilke Homes.