Alantra advises Palatine on its investment in award winning housing provider Jessup

Mar 2022

Buy-side advisory

UK – Alantra, the global investment banking specialist, has advised Palatine on its acquisition of a majority stake in Jessup, one of the Midlands’ most respected developers of affordable homes.  

Established for 34 years, Staffordshire-based Jessup is a trusted partner to local authorities and registered providers of social housing, including Birmingham City Council, Dudley Council, Cannock Council, Wrekin Housing Trust, Greensquare Accord, Optivo, Stonewater, whg, EMH and Trent and Dove.

Its 92-strong team provides a full development management service from land acquisition and planning consent, through to the construction of high-quality residential stock, and it has preferred partner status with Homes England.

As part of the transaction, former Westleigh founder Chris Beighton and Director Matt Moore have joined Jessup’s leadership team as Chairman and CEO respectively. Jessup founder Clive Jessup retains a stake in the business as Founder Director, and the deal also sees Partner Richard Thomas and Investment Director Tom Hustler join the board.

Palatine’s investment provides Jessup with a solid platform for growth as it targets expansion into the East Midlands as well as continuing to develop its existing West Midlands operation. The business currently delivers approximately 500 homes per year and has diversified into mixed-use development for customers, including the YMCA.

The Alantra team advising Palatine was led by Simon Peacock, Partner in Alantra’s Midlands office, and Hoong Wey Woon, Partner and Head of Real Estate. They were supported by Zac Barnett and Rob Emmerson.

Hoong Wey Woon, Partner and Head of Real Estate at Alantra, commented, “Clive Jessup has successfully built Jessup into a leading Midlands-based developer of affordable homes. This is the second time we have worked with Palatine in the housebuilding sector, having supported their investment in Westleigh, and we know they will be an excellent partner to support Clive and the team in their growth ambitions.

The structural excess demand and under-supply in the housing market combined with favourable conditions for public sector funding of the housing sector is providing business owners with a number of attractive options.”

Clive Jessup, founder of Jessup, said, “The addition of Chris and Matt to our leadership team and the backing of an investor with an excellent track record in our market marks the start of an exciting period of growth for Jessup, presenting new opportunities for our fantastic employees, suppliers and customers.

“Palatine have a deep understanding of our market and the expertise to further develop our already strong ESG credentials, at a time when this is of growing importance to our customers across the public and social housing sectors.”

Richard Thomas, Partner and head of Palatine’s Midlands office, commented, “Clive and his team have grown Jessup into a trusted, valued and longstanding partner to housing providers in the Midlands with an enviable reputation for quality and delivery.

“With a growing demand for affordable homes, our backing will enable Jessup to support more local authorities and registered providers as they seek to ease the housing crisis, further demonstrating the positive impact private equity can have on the economy and society.”