Elivia Homes has announced a significant step forward in its growth ambitions with the acquisition of Millwood Designer Homes from the Places for People Group. The deal will see Elivia expand into East Sussex and Kent with Millwood becoming its third region which, over time, will rebrand to Elivia Homes.
Elivia Homes launched its new brand identity and corporate strategy in April 2022, setting out plans to double in size by 2027 to a £250m turnover business, delivering over 600 design-led and sustainable homes per year in aspirational locations across the South East. In May 2022, the business was acquired by funds advised by Octopus Investments providing the company with significant growth funding. In little over six months, the Group’s Executive Team have raised further acquisition capital through funds advised by Octopus Investments, demonstrating the confidence and long-term commitment of Elivia’s shareholders.
Millwood is an award-winning regional homebuilder which builds c.100 homes per year. Founded in 1992, it has earned a reputation for individually-designed character homes which are in keeping with the natural surroundings of their village, town and waterside locations.
Elivia’s newest region will report into Group and continue to be run by the existing leadership team under Managing Director Nick Stonley.
Chris Chiles, Chief Executive of Elivia Homes, comments: “Over the last few years, we are proud to have built a strong and scalable business and, since becoming part of Octopus Investments, have been focused on both organic growth and acquisition opportunities. Millwood is a great fit for Elivia Homes in terms of product alignment, attractive geography, and reputational fit. The business’ excellent pipeline coupled with our financial firepower will allow the Millwood team to do more of what they are great at. They have an experienced and highly skilled leadership team in place and I’m looking forward to working with them in an exciting new chapter for the Group”
Kamal Grewal, COO of Elivia Homes, comments: “We are proud of our unique SME track record to successfully execute corporate transactions and enable operations to realise their value potential. Building on the acquisition of Crayfern Homes, now Elivia Southern, the Millwood acquisition will extend our Group’s platform and addressable market. Our shared commitment to innovative design and sustainable development will create capability growth and see the acceleration of our expansion strategy.”
Ed Fellows, Investment Director in the Sustainable Infrastructure team at Octopus Investments, adds: “We are delighted to support the Elivia team and the growth of the Elivia Homes business with this acquisition of Millwood. We believe that Elivia is well positioned to scale up and increase its delivery of high-quality, design-led sustainable housing to meet the UK’s urgent need for more new and affordable homes.”
The newly enlarged Elivia Homes business will continue to focus on the brand’s mission to create developments that help people and places thrive. Sustainability will be a key focus through innovative fabric-first design, increased adoption of LZC technologies such as heat pumps and solar photovoltaics, and an advancement in offsite building methods. An ongoing commitment to maximise the biodiversity of its schemes will continue to enhance the communities in which it builds.
Elivia’s growth ambitions will be driven by an active land acquisition programme, investment in digital technologies, commitment to skills and training and exploring further acquisitions where there is a strong strategic and cultural fit.
