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Palatine Back Housing Developer in £65m Deal

April 28, 2016

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This represents the first transaction from the private equity firm’s Midlands office following its launch in December last year.

Manchester-based Palatine Private Equity has invested in Westleigh Partnerships, a leading provider of affordable residential property, in a deal worth £65m.

This represents the first transaction from the private equity firm’s Midlands office following its launch in December last year.

Founded in 1985 by husband and wife Chris and Judy Beighton, £100m turnover Westleigh is one of the largest housebuilders in the Midlands employing around 300 staff, and builds 1,200 properties per year.

Palatine has invested £21m for a significant minority stake in Westleigh and will support the company as it continues to tap into a rapidly growing affordable housing market.

The deal was led by Palatine partner Gary Tipper and investment director Richard Thomas with support from investment executive James Painter.

Both Tipper and Thomas will join the board as a non-executive directors.

Richard said: “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 as our first deal out of Palatine’s, recently launched, Midlands office.

"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.”

Palatine was advised by Gateley and RSM with due diligence provided by KPMG, CIL, GK Strategy and JLT. Debt facilities were provided by European Capital and AIB.

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