Avant Homes, the specialist housebuilder, has announced that it has reached agreement with funds advised or managed by Alchemy Special Opportunities, Avenue Capital Group and Angelo, Gordon & Co., under which they will acquire the Group.
The investment by Alchemy, Avenue and Angelo, Gordon illustrates the Consortium’s confidence in Avant’s strong future growth prospects as a specialist housebuilder selling aspirational and design-led homes through its two trusted market-leading regional brands: Ben Bailey in the Midlands and Yorkshire and Bett Homes in Scotland and the North East of England.
The Consortium’s investment will provide Avant with a strong platform for its ambitious growth programme, building on its successes in recent years in meeting the increased demand from customers for its all-inclusive, modern homes, which feature leading-edge interior design and architecture sensitive to its locality.
Colin Lewis, who has driven Avant’s transformation and growth as Group Chief Operating Officer, will become Group Chief Executive. Paul Bridges, Senior Adviser to Alchemy, will become Chairman.
Colin Lewis said:
“This is a significant step forward for Avant. Today’s investment, by a Consortium of highly respected investors who share our vision for the business, not only reflects the exciting opportunities for growth available to us, but also gives us the platform to make the most of those opportunities.”
“The Avant team is looking forward to growing the business significantly, as we build on our unrivalled positioning provided by our differentiated product offering and our attractive landbank, in which we have been investing heavily. Our ambition is to become the premier housebuilder in the North.”
Liberty Corporate Finance advised Colin Lewis on the transaction and will be advising on a wider management incentive plan for the business.