Housing group United Living has been sold to US-based private equity giant Apollo for an undisclosed figure.
The move comes as Apollo looks to expand its portfolio of ‘socially responsible’ investments.
The deal with United Living, which provides maintenance and construction services to the affordable housing sector, is due to be completed this summer.
Apollo partner Joanna Reiss said: “United Living is a proven provider with an exceptional reputation for quality and reliability that has a profound impact on affordable-housing residents and their broader communities.
“As investment in infrastructure and social housing remains a key priority, we believe the business is well-positioned for further growth.”
United Living head Neil Armstrong said: “With Apollo’s 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.”
Apollo is one of many private equity firms, such as Bain Capital and Brookfield Asset Management, looking to expand the portfolio of socially responsible investments.
Last year, Apollo bought Edinburgh-based housebuilder Miller Homes for more than £1bn.
Last month, the firm scrapped plans to buy engineering firm Wood Group after four months of trying.
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