Daiwa House to Acquire a Significant Minority Stake in Miller Homes from Apollo Funds

Apollo funds bring in Daiwa House as a 30% partner in Miller Homes while retaining control to support the UK builder’s growth plans.

Rhea-AI Summary

Apollo (APO) agreed that Apollo-managed funds will sell an approximately 30% minority stake in UK housebuilder Miller Homes to Daiwa House, while remaining the Company’s controlling shareholder.

Miller Homes, founded in 1934, is described as the largest private housebuilder in the UK, currently completing about 5,000 homes per year across England, Scotland and Wales. Since Apollo Funds acquired Miller Homes in 2022, the Company has delivered growth and strengthened its operating model, including the acquisition and integration of St. Modwen Homes.

The Daiwa House investment is intended to support Miller Homes’ continued profitable growth and expansion of its multi-tenure model as it works toward a stated target of delivering 7,000 new homes per year. The transaction is subject to closing conditions, including regulatory approvals, and is expected to close later this year.

Positive

• 30% minority stake sale to Daiwa House provides capital while Apollo Funds retain control of Miller Homes
• Miller Homes currently delivers about 5,000 homes per year across the UK, showing meaningful operating scale
• Miller Homes targets 7,000 homes per year, indicating an ambition for further volume growth supported by the new investor

Negative

• Transaction closing is subject to regulatory approvals and other conditions, creating execution and timing uncertainty

Market Context

APO's prior daily close was down -1.94%; five listed peers were also lower in the provided snapshot,...

Analysis

APO's prior daily close was down -1.94%; five listed peers were also lower in the provided snapshot, so the minority-stake announcement was disclosed against a weaker asset-management peer backdrop, not a post-news move.

Key Figures

Minority stake: approximately 30% Annual homes completed: approximately 5,000 homes Annual delivery target: 7,000 new homes per year

Minority stake

approximately 30%

Daiwa House investment in Miller Homes

Annual homes completed

approximately 5,000 homes

Miller Homes current annual completions

Annual delivery target

7,000 new homes per year

Miller Homes growth target

Key Terms

minority stake, controlling shareholder

2 terms

minority stake financial

"Apollo-managed funds have agreed to sell an approximately 30% minority stake"

An ownership share in a company that is less than 50%, so the holder cannot unilaterally control management or major decisions. It matters to investors because a minority stake lets you share in profits, dividends and upside if the company grows, but limits your ability to influence strategy or protect your interests; think of it like owning a slice of a pie—you benefit from the taste and value, but you don’t decide how the whole pie is made.

controlling shareholder financial

"Apollo Funds will remain the controlling shareholder in the Company."

A controlling shareholder is a person or entity that holds enough voting power in a company—often a majority of votes or decisive influence through agreements—to determine its board, strategy and major decisions. For investors this matters because that control shapes corporate direction, risk and who benefits from deals; like a driver steering a car, a controlling shareholder can speed up or block changes, which can affect minority shareholders’ returns and the company’s value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Strategic investment by a global construction and real estate partner to support continued growth of leading UK housebuilder

NEW YORK and OSAKA, Japan, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to sell an approximately 30% minority stake in Miller Homes (“Miller Homes” or the “Company”) to Daiwa House (TSE: 1925). Apollo Funds will remain the controlling shareholder in the Company.

Established in 1934, Miller Homes is the largest private housebuilder in the UK, completing approximately 5,000 homes a year across England, Scotland and Wales. Since the Company’s acquisition by Apollo Funds in 2022, Miller Homes has delivered significant growth and strengthened its operating model, driven by disciplined operational execution and the successful acquisition and integration of St. Modwen Homes.

The strategic investment by Daiwa House will 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.

Rajesh Jegadeesh and Peter Sinensky, Deal Team Leads at Apollo, said, “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. This transaction reflects the strength of the Miller Homes business today and its sector-leading financial performance, leaving the company well-positioned for further profitable expansion. We are pleased to welcome Daiwa House as a strategic partner as we continue to support Miller’s growth strategy.”

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. We are delighted to invest alongside Apollo and look forward to contributing our global housing and development expertise to support Miller’s continued growth and the delivery of high-quality homes and communities across the UK.”

Stewart Lynes, Chief Executive Officer at Miller Homes, said, “Today’s transaction marks a significant milestone for Miller Homes. The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner. Their expertise, in conjunction with Apollo, will further strengthen the Miller Homes business as we continue our focus on delivering high-quality homes for our customers across the UK.”

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.

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 as to regulatory and financing matters on the transaction.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.Apollo.com. 

About Miller Homes
Founded in 1934, Miller Homes is one of the UK’s leading housebuilders, with a long-standing reputation for building high-quality family homes and delivering exceptional customer service. Operating across 11 regions in England, Scotland and Wales, Miller Homes is committed to building better places where people and planet prosper and creating communities with an emphasis on placemaking and design. The business 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, Miller Homes was awarded the maximum five-star rating for customer satisfaction from the Home Builders Federation for the 14th time in 15 years. To learn more, please visit www.millerhomes.co.uk.

About Daiwa House Group
Daiwa House Group was founded in 1955 with the corporate mission of contributing to the “Industrialization of Construction.” Today the Group has grown into one of Japan’s leading construction and real estate companies and operates in 28 countries and regions worldwide, offering a wide range of real estate services including single-family houses, rental housing, condominiums, commercial facilities, logistics facilities, and others. The Group has approximately 55,000 employees globally and total assets in excess of $50b. Alongside its continued growth in Japan, the Group is actively expanding its international business, particularly in the United States, while pursuing growth opportunities across other regions.

Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@Apollo.com 

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@Apollo.com 

Beth Ford
Group Company Secretary
0131 380 6307
investor.relations@miller.co.uk 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is buying the minority stake in Miller Homes and how large is it?

The buyer is Daiwa House, a construction and real estate company listed under ticker 1925. The agreement covers an approximately 30% minority stake in Miller Homes.

Will Apollo Funds remain the controlling shareholder of Miller Homes after this transaction?

Yes. Apollo-managed funds will remain the controlling shareholder in Miller Homes after selling the approximately 30% minority stake to Daiwa House.

What is Miller Homes’ current operational scale and growth target?

Miller Homes currently completes about 5,000 homes per year across England, Scotland and Wales. The Company is working toward a target of delivering 7,000 new homes per year as it expands its multi-tenure model.

What strategic benefits are expected from Daiwa House’s investment in Miller Homes?

The company describes the Daiwa House investment as providing additional resources and global construction and real estate expertise to support Miller Homes’ continued profitable growth, expansion of its multi-tenure model, and delivery of high-quality homes and communities across the UK.

When is the Apollo–Daiwa House transaction involving Miller Homes expected to close?

The transaction is expected to close later this year, subject to the satisfaction of certain closing conditions, including regulatory approvals.