Apollo Funds to Sell Roughly 30% of Miller Homes to Daiwa House

Apollo Global Management (N7I.DE ) announced on September 17, 2026 that Apollo-managed funds have agreed to sell an approximately 30% minority stake in Miller Homes to Daiwa House. The Apollo funds will remain the controlling shareholder in the UK housebuilder following the transaction, which was announced from New York and Osaka, Japan, without a disclosed purchase price or other financial terms.

Apollo described the Daiwa House investment as a strategic commitment intended to support the continued profitable growth of Miller Homes, providing additional resources and global construction and real estate expertise as the company expands its multi-tenure model and progresses towards its target of delivering 7,000 new homes per year. The transaction is subject to the satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later in 2026.

Miller Homes Under Apollo Ownership

Established in 1934, Miller Homes is the largest private housebuilder in the UK, according to the announcement, completing approximately 5,000 homes a year across England, Scotland and Wales. The business operates across 11 regions and delivers homes through its private brands, Miller Homes and St. Modwen Homes, alongside collaborations with registered providers of affordable homes and private rented sector partners. In 2026, the company was awarded the maximum five-star rating for customer satisfaction from the Home Builders Federation for the 14th time in 15 years.

Apollo Funds acquired Miller Homes in 2022. Apollo said the company has since delivered significant growth and strengthened its operating model, driven by disciplined operational execution and the successful acquisition and integration of St. Modwen Homes.

Full-Year 2025 Results

Miller Homes published full-year results for the year ended December 31, 2025 on March 27, 2026, describing itself as the UK’s sixth-largest housebuilder and its largest private housebuilder. The company reported a 29% increase in completions to 4,931, from 3,813 in the prior year, a 34% increase in turnover to £1,425 million from £1,060 million, and a 40% increase in adjusted operating profit to £219 million from £157 million.

Miller Homes also reported a 40% increase in forward sales for the current financial year to £635 million, from £455 million, and a 19% increase in its consented landbank to 16,329 plots, from 13,695 in December 2024. Return on capital employed was 29.9%, compared with 22.9% a year earlier, and the adjusted operating margin was 15.4%, compared with 14.8%. The average selling price rose 4% to £295,500, from £282,900.

Commenting on those results, Chief Executive Stewart Lynes described 2025 as a milestone year and said the St. Modwen Homes acquisition in January 2025 introduced a second private brand to the portfolio, providing four routes to market and expanding the company’s consented and strategic landbanks. He said the business was well-positioned to deliver further profitable growth as it progresses towards its 7,000-homes target, supported by its enlarged landbank and multi-tenure approach. Lynes added that Miller Homes was monitoring the economic effects of the Middle East conflict, and that lead indicators from its digital sales and marketing system to date showed no adverse impact.

Rajesh Jegadeesh and Peter Sinensky, deal team leads at Apollo, said in the announcement: “Miller Homes is one of the highest-quality businesses in the UK residential sector and we are proud of what the management team has built over the past four and a half years.” They said the transaction reflects the strength of the business and its sector-leading financial performance, and welcomed Daiwa House as a strategic partner.

Keiichi Yoshii, Representative Director and Chairman, CEO of Daiwa House, said: “Miller Homes is an impressive business with a strong brand, a highly experienced management team and an attractive long-term growth outlook.” He said Daiwa House looks forward to investing alongside Apollo and contributing its global housing and development expertise to support Miller’s continued growth and the delivery of high-quality homes and communities across the UK.

Lynes said the transaction marks a significant milestone for Miller Homes, that the support of the Apollo team had been instrumental in successfully executing the company’s growth strategy to date, and that Daiwa House’s expertise, in conjunction with Apollo, would further strengthen the business.

Rothschild & Co served as financial adviser to Apollo Funds and Miller Homes. A&O Shearman served as legal counsel to Apollo Funds on the transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Apollo Funds on regulatory and financing matters.

Founded in 1955, Daiwa House Group has grown into one of Japan’s leading construction and real estate companies, according to the announcement, operating in 28 countries and regions with services spanning single-family houses, rental housing, condominiums, commercial facilities and logistics facilities. The group has approximately 55,000 employees globally and total assets in excess of $50 billion, and is actively expanding its international business, particularly in the United States.

Apollo is a global alternative asset manager whose retirement services business is Athene. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management.