Respected housing professionals join Jessup’s leadership team as it targets growth across the Midlands
Leading mid-market private equity investor Palatine has acquired 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. 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, Director Matt Moore and CFO Kathryn Facey have joined Jessup’s leadership team as Chairman, CEO and Non-Executive Director respectively. Jessup Founder Clive Jessup retains a stake in the business as Founder Director and the deal also sees Palatine Partner Richard Thomas and Investment Director Tom Hustler join the board as Non-Executive Directors.
Palatine invested in housebuilder Westleigh in 2016 before selling the business to Countryside PLC generating a 3x return. Beighton and Moore bring a combined 50 years’ experience in the housebuilding sector to Jessup’s leadership team and industry-leading expertise in modern methods of construction (MMC), having pioneered the adoption of timber frame construction in the affordable housing sector while part of Westleigh.
The investment, from Palatine’s Buyout Fund, 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.
Richard Thomas, Partner and Head of Palatine’s Midlands office, said: “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 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.”
Chris Beighton, Chairman of Jessup, commented: “Jessup has an excellent reputation in the Midlands market, and a unique breadth and depth of knowledge of the funding environment. This investment will enable us to continue to innovate in MMC, unlock new opportunities for Brownfield development and grow our footprint through targeted land-led opportunities in the East Midlands.
“I’m excited to join the already strong leadership of the business and to once again be working with Matt Moore. Kathryn Facey and Palatine, who I know first-hand to be a collaborative and supportive growth partner.”
Clive Jessup, added: “The addition of Chris, Matt and Kathryn 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.”
Jessup will also benefit from Palatine’s industry-leading approach to sustainability, which has seen it place environmental, social, and governance factors as central to its value enhancement strategy for more than a decade, through an award-winning ESG framework.
Palatine was advised by Alantra (corporate finance), Browne Jacobson (legals), RSM (FDD) and CIL (CDD). Jessup was advised by Clearwater and Gateley.
