Morris Homes ("Morris" or the "Company") announced today a significant capital raising in partnership with Atlantic Park Strategic Capital Fund ("Atlantic Park"), who is contributing £140 million of new capital to Morris to support its continued strong performance and future development. Santander are providing a £50 million revolving credit facility.
Mike Gaskell, Executive Chairman and majority shareholder of Morris Homes said, "I am delighted to welcome Atlantic Park as a long-term strategic partner in Morris Homes as the Company seeks to capitalise on the positive tailwinds in the UK housing industry going forward. This also represents an opportunity for me to thank all the employees at Morris Homes for their outstanding commitment over the years and in particular throughout the COVID period."
Atlantic Park's Mike Whitman commented, "The UK housing industry possesses attractive fundamentals. We are excited to partner with Mike and the talented team at Morris Homes, with whom our relationship began in 2013, to support the continued growth of the business."
Moelis Company acted as financial adviser to Morris Homes.
About Morris Homes
Morris is one of the country's largest privately-owned housebuilders and has been building properties for more than 60 years. During that time, Morris has also built an enviable reputation for remarkable design and exceptional quality, both with customers and within the industry.
Based in Cheshire, the award-winning company provides new homes across the North West, Midlands and South of England. With the demands of modern living at the forefront of design, Morris opens its mind to new ideas and new opportunities to create individual homes that are characterful, inspiring and unique. For more information, please visit www.morrishomes.co.uk.
About Atlantic Park
Atlantic Park is a strategic joint venture between General Atlantic, a global growth equity firm established more than 40 years ago, and Iron Park Capital Partners, a deeply experienced credit-focused asset manager. Atlantic Park provides capital solutions to address financing needs for high-quality companies seeking a trusted partner. Atlantic Park takes a broad industry focus and partners with companies spanning a number of sectors, including Consumer, Financial Services, Healthcare and Technology, with a focus on companies in the United States and Europe. For more information, please visit www.atlanticpark.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210302005999/en/
Contacts:
Laura Hunt Account Director PR, BJL
Email: MorrisHomes@bjl.co.uk
Telephone: +44 161 831 7141
