Westleigh Partnerships Ltd (Westleigh), a leading affordable housing provider, has announced it has secured growth capital investment from Palatine Private Equity. The transaction, which is worth €78 million, was introduced by Clearwater International.
Established in 1985 by Chris and Judy Beighton, Westleigh is one of the largest housebuilders focusing on the delivery of affordable homes to Registered Providers (RPs). In line with growing demand, the company anticipates sales will rise to approximately €200 million by 2018. Westleigh currently employs over 300 staff.
Palatine will support the company as it continues to tap into a flourishing affordable housing market. Palatine partner Gary Tipper and Investment Director Richard Thomas will join the board as a Non-Executive Directors.
The business will continue to be led by Ian Jones as managing director with founder Chris Beighton as Chairman.
Austin Moore acted as legal advisers to Westleigh
Chris Beighton, Chairman, Westleigh, said: This is an incredibly exciting time for Westleigh and I am delighted that the business has attracted such a high quality investor.
“It is a testament to all our staff’s achievements that we find ourselves in a position of strength and this investment signifies an important period of further growth for the company.”
Richard Thomas, Investment Director and head of the Midlands, Palatine Private Equity, commented: “In a fast growing and attractive market, Chris, Ian and their team have built a business well-placed to benefit from the high levels of demand for affordable housing. The company has a strong and entrepreneurial management team who have demonstrated their ability to grow the business to now be a market leader across the Midlands for affordable housing development.
“We’re delighted to be backing such a high quality business; Westleigh has some ambitious plans over the next few years and we’re looking forward to supporting the company as it expands across the UK and builds on its position in the affordable housing market.”
Phil Burns, managing partner, Clearwater International, added: “We’ve worked with the Westleigh team for a number of years to help them determine a strategy for continuing what has been a tremendous growth story. This partnership with Palatine will help that strategy flourish in what should be an attractive market for the business in the years to come.”