Patron and Legal & General buy CALA in £210m deal

CALA, the home builder, has reached agreement with Patron Capital Partners, the private equity group, and Legal & General, the insurance, savings and investment management company, to acquire CALA for £210m.

Legal & General will acquire a 46.5% equity stake in CALA, as an equal partner with Patron, alongside management who will take a 7% share. The acquisition will be financed by £140m of equity and £70m of debt. Legal & General and Patron will both have a representative on CALA’s Board.