THREE hedge funds – Alchemy Special Opportunities, Angelo Gordon and Avenue Capital – have acquired British housebuilder Avant Homes from owner Lloyds for £175m, it emerged yesterday.
With the deal reportedly sealed late last week, Avant chairman Keith Hamill and chief executive Neil Fitzsimmons are set step down after the takeover. The trio will appoint former Lonrho director and Alchemy adviser Paul Bridges as the Kent-based company’s new chairman, with Colin Lewis being promoted from chief operating officer to chief executive.
Lloyds inherited Avant after the 2009 takeover of HBOS. The bank recruited Rothschild to sell the company at the end of last year. The hedge fund consortium is thought to be only party to have tabled an offer.
The funds all declined to comment.