The deal will see Daiwa acquire its minority holding from Apollo-managed funds, which will retain control of the business.
The purchase price has not been disclosed.
Miller Homes is targeting a 40% increase in annual housing output from its present rate of 5,000 homes, supported by the financial backing and expertise of its two global investors.
Established in 1934, Miller Homes last year turned over £1.4bn and generated an £219 operating profit with margins at 15%.
The house builder operates from 11 regional offices across England, Scotland and Wales.
Apollo acquired Miller Homes in 2022 and has since overseen its expansion, including the acquisition and integration of St. Modwen Homes.
The latest investment will not change Miller’s management team, strategy, capital structure or day-to-day operations. The business will continue trading under the Miller Homes and St. Modwen Homes brands.
Stewart Lynes, chief executive officer at Miller Homes, said: “Today’s transaction marks a significant milestone for Miller Homes.
“The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner.
“Their expertise, in conjunction with Apollo, will further strengthen the Miller Homes business as we continue our focus on delivering high-quality homes for our customers across the UK.”
The deal remains subject to regulatory approvals and other closing conditions, with completion expected later this year.
