Based in Staines, Cala’s operations span the South of England, the Cotswolds and Scotland, with around 3,000 new homes all due for completion by the end of the year.
Global investors Sixth Street and Patron Capital have signed an agreement to jointly acquire the housebuilder from Legal & General.
The sale has an enterprise value of £1.35 billion and is expected to complete in the final quarter of 2024.
Kevin Whitaker, CEO of Cala, said: “Today’s announcement is excellent news for Cala.
“This investment by Sixth Street and Patron demonstrates their confidence in Cala’s business plan and further potential.
“We look forward to developing a strong partnership with Sixth Street and reigniting the excellent relationship we shared with Patron between 2013 and 2018.
“I’d like to thank Legal & General for their support since they first invested in Cala.
“With their backing, Cala has successfully tripled the number of homes we build each year, whilst revenue and profits have grown five- and tenfold respectively.
“Cala’s biggest strength is the talent and passion of our people, and I’d also like to thank our dedicated employees for continuing to deliver for the business and our customers.
“Cala is in a strong position to go forward, with new ownership and a platform to deliver our next stage of growth.
“We have talented teams in place across the business and continue to invest in our land pipeline to grow our delivery of high-quality, sustainable new homes throughout the UK.”
Julian Salisbury, co-chief investment officer at Sixth Street, said: “Cala has a bright future, and we’re proud to be entering this new chapter as stewards of a company with such a deep history and long track record of sustainable growth.
“We, together with Patron, look forward to continuing to support Cala and its management team – not only with capital, but also with the significant resources of our London-based real estate investment team led by Giulio Passanisi.”
Keith Breslauer, managing director and founder of Patron Capital, said: “We’re pleased to be able to back the Cala business once again.
“Cala is one of the UK’s leading housebuilders with a best-in-class landbank and a focus on building high-quality homes, being consistently ranked five-star for customer service.
“Furthermore, Cala is also a people business with a strong corporate culture and a business we know well.
“We look forward to working closely with Cala’s impressive management team and our partner, Sixth Street, to further build the business and help tackle the undersupply of homes in the UK.”
