The deal was announced on the New York Stock Exchange and is expected to complete this summer
US private equity firm Apollo has announced its intention to acquire United Living.
Kent-based business United Living employs more than 1,100 people across the UK and provides infrastructure, affordable housing, and property services.
United Living began operating in the 1960s as central heating specialist Harp Heating before broadening its reach across three areas 鈥� new homes, infrastructure and property services 鈥� led by CEO, founder and chairman Neil Armstrong.
鈥淲ith Apollo鈥檚 resources and significant experience investing across the infrastructure and social housing services markets, we are looking forward to building on our momentum and strategically expanding across our three pillars,鈥� Armstrong said in a statement.
He added: 鈥淲e see significant opportunities to further improve access to high-quality affordable housing and critical infrastructure across the UK, and this partnership can allow us to invest in our vision to help reduce inequalities and create more sustainable cities and communities.鈥�
鈥淎s investment in infrastructure and social housing remains a key priority, we believe [United Living] is well-positioned for further growth,鈥� Joanna Reiss, partner and co-head of impact at Apollo, said in a statement.
鈥漌e are excited to partner with Neil and the talented team to deepen United Living鈥檚 positive impact.鈥�
The bid was confirmed in a statement on the New York Stock Exchange, but financial details were not disclosed. The deal is 鈥渟ubject to customary closing conditions,鈥� but is expected to complete this summer.
The move by Apollo follows its acquisition of Edinburgh-based housebuilder Miller Homes last year.
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