The transaction comprises £140m of equity, and £70m of debt, valuing Cala at £210m.
Patron and Legal & General each take a 46.5% share, leaving 7% in the hands of senior management.
The new owners have promised funds for significant land purchasing.
Lloyds Banking Group will continue its support of the business with a new £100m five year banking facility.
Cala returned to profitability in 2011 for the first time since 2007, one year ahead of management's plans, thanks to its premium market positioning and presence in more affluent areas of the UK such as the Home Counties, Cotswolds and around Glasgow, Edinburgh and Aberdeen. For the year to 30 June 2012, Cala announced a six-fold increase in pre-tax profits to £11.4m and a 35% rise in completions to 875 homes.
At the half-year ended 31 December 2012, home completions were up 13% on the equivalent period last year, while pre-tax profits were £9.6m and the house sales gross margin was 19.7%, up 5.9% on the previous year.
Cala reports that trading performance during the first eight weeks of 2013 has been “exceptionally strong” with private home sales up 34% to 154 (2011: 115) at an average selling price of approximately £330,000, consistent with the same period last year. Average sales per site per week are up 31% to 0.72 for the eight-week period (2011: 0.55).
At 28 February 2013, Cala’s land bank stood at 9,900 owned and contracted plots with a potential gross development value of £3.1bn, equivalent to approximately 10 years' output on current projections. In addition, the Group controls a longer term strategic land bank of 5,400 plots.
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 Patron and Legal & General, both of whom share our values and are passionate about this new partnership."
Patron managing director Keith Breslauer added: "This significant transaction for Patron highlights our confidence in Cala, its growth potential and the group's competitive position in the UK housebuilding sector, which is one of the key areas of focus for the economy due to its ability to create jobs and fuel economic growth.
"A continued undersupply of new housing in the UK, coupled with the availability of land at a lower point in the cycle and legislation to promote development, creates a favourable backdrop for this deal. We have a strong track record of investing in sites across the UK through healthcare, hotel and leisure businesses including Powerleague and Luxury Family Hotels, and are confident that our financial backing and expertise will enable us to work with the existing strong management team to capitalise upon Cala's strong brand.”
Cala was founded in 1875 as the City of Aberdeen Land Association and began building houses in 1974.
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