Housebuilder Miller Homes has been acquired by an American asset management firm in a deal thought to be worth £1.3bn.

US-based Apollo is purchasing the Edinburgh-based firm from private equity firm Bridgepoint, which took over the business in 2017 for £655m.

Miller Homes, which focuses primarily on regional markets in England and Scotland, building around 4,000 residential properties a year. But under its new ownership, the plan is to increase that to 6,000 homes in the in the medium-term.

Under Bridgepoint’s ownership, the number of houses sold by Miller per year rose by a third. Revenues now exceed £1bn per annum.

Alex Humphreys, a partner at Apollo, commented: “Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy.”

Chris Endsor, chief executive at Miller Homes, added: “The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances.

“We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known.”