Former Persimmon boss Jeff Fairburn has become chairman of Avant Homes following a takeover backed by a US hedge fund.
Mr Fairburn was forced to quit his role as CEO of York-based Persimmon three years ago, following an outcry over his £75m bonus.
Now, Wetherby private property development company Berkeley DeVeer, where Mr Fairburn is chief executive, has partnered with funds advised by Elliott Advisors to acquire North East and Yorkshire housebuilder Avant Homes.
Mr Fairburn left Persimmon in 2018 amid a backlash from investors over its payments to executives. His proposed bonus of £100m was slashed to £75m, and he was eventually awarded £85m over two years - despite shareholders calling upon the company to show restraint during a national housing crisis.
Berkeley DeVeer, currently operates across Yorkshire and the North East, has acquired Avant Homes in an undisclosed deal, yet it is understood the firm had hoped to attract offers of around £500m.
The firm currently delivers approximately 2,000 homes each year, has a turnover of circa £500m and employs around 780 people.
Avant Homes operates in high growth markets in the North of England and Scotland, and has 60 live developments being delivered across five regions in the Midlands, Yorkshire, North East and Scotland.
Under its new ownership, Avant Homes will continue to be led by the existing management team. Chief operating officer Mark Mitchell will become chief executive officer on May 1, replacing Colin Lewis, who will become non-executive deputy chairman, while Mr Fairburn will become chairman.
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Mr Fairburn said: “Avant Homes is a fantastic business, with a strong proposition and a compelling track record of growth. It has a high-quality management team that has transformed the business, with an unrivalled focus on building design-led homes in the 海角视频 housing market’s fastest growing regions. We look forward to working with the team to further invest in the business and develop it into one of the 海角视频’s leading housebuilders.”
Mark Mitchell, chief executive officer designate of Avant Homes, said: “The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential.
“This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support. We are delighted to have secured the backing of new owners who share our long-term vision for the Group. Their backing will provide us with additional means to push on with our growth
plans as we seek to double our revenues and triple our profits over the next five years.”