EDINBURGH homebuilder Cala Group has been bought over by a private equity firm in a £210 million deal.
Patron Capital Partners and insurer Legal & General will each acquire a 46.5 per cent stake in the business from Lloyds Banking Group.
The remainder will be held by Cala’s management team.
Chief executive Alan Brown said: “Having invested heavily in growing our land bank since 2010, we are now very well positioned to grow the business significantly over the next five years.
“From our perspective, the timing of this transaction is perfect, and I am tremendously excited about what this deal means for our business as we look forward to a long and fruitful relationship with Legal & General and Patron, both of whom share our values and are passionate about this new partnership.”