Clearwater International UK advises Westleigh on its £135m (€155m) sale to Countryside Properties plc

Clearwater International UK has advised leading affordable housing provider Westleigh Partnerships (Westleigh), on its sale to housing developer Countryside Properties plc (Countryside).

Westleigh is a well-established home builder. In the year ending 31 March 2018, the business delivered over 1,100 homes in partnership with local authorities and housing associations and generated operating profit of £15.6m (€17.9m) from revenue of £150.6m (€172.7m).

The business was founded in 1985 by Chris and Judy Beighton, and has successfully expanded geographically from the East Midlands into both the West Midlands and South Yorkshire. The experienced Management Team and the workforce of over 450 will be retained to continue the growth of the business.

Chris and the Management Team successfully secured growth capital investment from Palatine Private Equity in July 2016, in a transaction advised by Clearwater International, which was voted Deal of the Year in the Insider East Midlands Dealmakers Awards.

Palatine Private Equity has achieved over a 3x return and a 90% IRR within two years of making the original investment.

The acquisition is in line with Countryside’s existing strategy to expand its Partnerships business, broadening the geographical reach into regions that have high underlying demand. It provides a strong strategic and cultural fit with the Countryside model and is an excellent platform for the acceleration of Partnerships delivery.

Countryside’s mixed tenure model of delivering private for sale, private rental sector, and affordable homes, together with the improved buying power from being part of a larger group, will improve underlying returns in the Westleigh business.

Clearwater Advisers