Lone Star takeover of McCarthy & Stone to complete today (2024)

US private equity firm’s £647m buyout will now take effect after yesterday’s court order

Retirement housebuilder McCarthy & Stone is to be taken over by US private equity group Lone Star at the end of today after the £647m bid received its final legal approval.

Yesterday’s official court order sanctioning the takeover represented the final legal hurdle facing Lone Star’s bid. It will see McCarthy & Stone delisted from the stock exchange at the end of today.

Lone Star takeover of McCarthy & Stone to complete today (1)

Lone Star, which also owns UK developer Quintain, announced plans for a £630m takeover of the housebuilder in October, before sweetening the deal to the tune of £17m just prior to a shareholder vote on the bid in early December.

It ultimately secured the backing of shareholders owning 86% of the firm, above the necessary 75% threshold, despite resistance from some McCarthy & Stone shareholders.

The final offer price of 120p per share was significantly more than the firm’s stock market value since the onset of the coronavirus pandemic, however McCarthy & Stone had traded consistently at around 150p per share before the coronavirus crisis.

McCarthy & Stone has been hit much harder than most housebuilders by the pandemic, with the high average age of its buyers seemingly making them more reluctant to return to the market after restrictions were eased in May.

It said in November that revenue for the year to October had fallen by 73% on the previous year, to just £197m, and that the second wave of the pandemic was again worsening sales.

The government said this month that it was banning the use of ground rent charges on most housing sales, which retirement housebuilders such as McCarthy & Stone rely on to recoup the high management charges of running schemes with a lot of communal space.

Lone Star takeover of McCarthy & Stone to complete today (2024)

FAQs

Did McCarthy and Stone get acquired? ›

It was acquired by Lone Star Funds in 2021.

Who founded McCarthy and Stone? ›

The money-making revelations of John McCarthy, the founder of McCarthy & Stone. In 1977 John McCarthy, a jobbing builder from New Milton, Hampshire, came upon his eureka moment.

Who is the chairman of McCarthy and Stone? ›

McCarthy & Stone's Group Non-Executive Chairman is Paul Lester.

How much was Stone brewery sold for? ›

Sapporo USA has completed its $165 million buyout of Stone Brewing Co. — marking the end of an era for the San Diego region's largest craft brewery. The sale, which was announced in June, closed on Wednesday.

When did Stone brewery sell? ›

Sapporo's $165 million acquisition of Stone Brewing officially closed Wednesday, August 31, giving the Japanese beer maker one of the top 10 craft breweries by volume in the U.S. in 2021 and the 18th largest brewing operation overall.

Who owns McCarthy? ›

In 1926, the company changed its name to McCarthy Brothers Construction Company. In 1999, McCarthy Construction Company changed its name to McCarthy Building Companies, Inc. In 2002, the company became 100% employee owned.

How old is Spencer McCarthy? ›

McCarthy senior, now aged 76, remains a non-executive director, but has “no day to day involvement,” according to Spencer.

When did McCarthy building companies become employee owned? ›

About McCarthy

Founded as a family-owned business in 1864, the McCarthy Employee Stock Ownership Plan was created in 1996 and on April 12, 2002, the final McCarthy family member to have an ownership interest in the firm sold his majority ownership interest in the company to its employees.

Who is the management team of McCarthy and Stone? ›

McCarthy & Stone employs 1,060 employees. The McCarthy & Stone management team includes John Tonkiss (Chief Executive Officer), Alex Delamere-White (Chief Commercial Officer), and Fiona Carleton (Managing Director, Services).

Who owns Churchill retirement Living? ›

Churchill is independently owned by Spencer and Clinton McCarthy, so family values are embedded throughout the business, meaning passion, pride and quality underpins everything we do.

Who is the current congressman McCarthy? ›

Kevin Owen McCarthy (born January 26, 1965) is an American politician who is the 55th and current speaker of the United States House of Representatives. A member of the Republican Party, McCarthy is in his ninth House term, serving as the U.S. representative for California's 20th congressional district since 2007.

What is the richest brewery in the world? ›

The largest beer company in the world is Anheuser-Busch Inbev. With a 2022 revenue of $57.786 billion, Anheuser-Busch Inbev is the largest beer company in the world.

Is Stone Brewing in debt? ›

“What we learned through this trial is that Stone Brewing's lawsuit was not driven by consumer confusion and that Stone Brewing has a $464 million debt to pay to their private equity investors in 2023.” This debt to investor VMG/Hillhouse has proven to be too much for the longtime craft brewer and now Stone joins the ...

What is the oldest operating brewery in a in the United States? ›

Recognition of America's Oldest Brewery. As America celebrated it's bi-centennial, D.G. Yuengling and Son was place on the national and state registers as America's Oldest Brewery. This is a title that we are proud of and can be seen on every bottle of Yuengling beer.

What is the oldest beer company still in business? ›

Weihenstephan Abbey (Kloster Weihenstephan) was a Benedictine monastery in Weihenstephan, now part of the district of Freising, in Bavaria, Germany. Brauerei Weihenstephan, located at the monastery site since at least 1040, is said to be the world's oldest continuously operating brewery.

What is the oldest beer brewing company in the world? ›

As the oldest brewery in the world, Weihenstephan is dedicated to the continued practice of responsible drinking. We welcome all those 21 years of age or older to learn more about the best beers in the world.

What is the oldest brewery in Texas still open? ›

Saint Arnold Brewing Company, located in Houston, is Texas' Oldest Craft Brewery.

How much did the town of McCarthy sell for? ›

Once he finally had a booming business in place, he made the decision to sell the town of McCarthy for $3.7 million.

Where is McCarthy Capital headquarters? ›

Headquartered in Omaha, Nebraska, the firm's investment team manages nearly $3.0 billion of capital.

How big is McCarthy Capital Fund? ›

About McCarthy Capital

McCarthy Capital is a private equity firm managing approximately $500 million in assets and capital commitments.

Where does Spencer McCarthy live? ›

Spencer McCarthy drives from his home near the village of Brockenhurst to Churchill's head office in Ringwood, arriving for 9am.

How much is Darren Ridge worth? ›

Darren Ridge, made his wealth in Telecoms. He is valued at £140m. He is a new entry on the Rich List at 734. He runs OneCom, a Hampshire-based communications business that recently won a £500m order from Vodafone.

Who owns Hampshire? ›

Hampshire (yacht)
History
Cayman Islands
NameHampshire (ex. Vanish)
OwnerAndrew Currie
BuilderFeadship
13 more rows

How many employees work for McCarthy? ›

McCarthy Holdings, Inc. has 2,447 employees, and the revenue per employee ratio is $1,552,921. McCarthy Holdings, Inc. peak revenue was $3.8B in 2022.

How many employees does McCarthy building companies have? ›

McCarthy Building Companies has 4,230 employees Who is the CEO of McCarthy Building Companies?

Is McCarthy construction employee owned? ›

McCarthy Building Companies, Inc. is America's premier, 100% employee-owned commercial construction company. With offices nationwide, we specialize in a wide range of project types that are as diverse and wide-ranging as the communities in which we build.

How many Churchill retirement homes are there? ›

Churchill Retirement Living Limited is a British property and domestic construction company. It specialises in accommodation for old people, and has more than 200 retirement properties.

Who owns Pegasus retirement homes? ›

The company was founded by Oaktree Capital Management, a substantial American private equity. We are currently developing over 25 sites across the UK.

Who owns Halcyon retirement? ›

Stockland has added Queensland lifestyle villages group Halcyon to its retirement living portfolio in a deal worth $620 million.

What female senator stood up to McCarthy? ›

One of the most noted early challenges to Joseph R. McCarthy's charges of Communists in government was made by Margaret Chase Smith of Maine in her "Declaration of Conscience" speech in June 1950.

How many communists did McCarthy find? ›

It was the Truman Administration's State Department that McCarthy accused of harboring 205 (or 57 or 81) "known Communists".

How long is a congressional term? ›

A term of Congress is two years long and begins on January 3 of each odd-numbered year. Each Member of the U.S. House of Representatives is elected to serve for one term at a time, and may be elected later to serve additional terms. A session of Congress is one year long.

Who founded McCarthy? ›

June 20, 1864. Irish immigrant Timothy McCarthy begins a small business in Ann Arbor, Michigan, building farmhouses and barns. Today, McCarthy has office locations in 10 different states.

What is John McCarthy famous for? ›

McCarthy was a pioneer in the fields of artificial intelligence (AI), computer science, and interactive computing systems. McCarthy coined the term “AI” in 1955 in connection with a proposed summer workshop at Dartmouth College, which many of the world's leading thinkers in computing attended.

What is the invention of John McCarthy? ›

McCarthy coined the term artificial intelligence in 1955, and he created the computer programming language LISP in 1958. LISP was initially used primarily by the AI community, owing to its great flexibility due to its expressive power.

How many McCarthy's are there? ›

There are 646,000 census records available for the last name Mccarthy.

What does McCarthy mean in Irish? ›

MacCarthy or McCarthy (Mac Cárthaigh in Irish), meaning "Son of the Loving One" or "Loving," is a common surname that originated in Ireland.

Who is the CEO of McCarthy construction? ›

Ray Sedey - Chairman & CEO - McCarthy Building Companies, Inc.

Who started McCarthyism and why? ›

Senator Joseph R. McCarthy was a little-known junior senator from Wisconsin until February 1950 when he claimed to possess a list of 205 card-carrying Communists employed in the U.S. Department of State.

Who were McCarthy's main targets in America? ›

The primary targets for persecution were government employees, prominent figures in the entertainment industry, academics, left-wing politicians, and labor union activists.

Who created the first AI? ›

The earliest substantial work in the field of artificial intelligence was done in the mid-20th century by the British logician and computer pioneer Alan Mathison Turing.

What happened to John McCarthy hostage? ›

John McCarthy was a 29-year-old TV producer on his first foreign assignment when he was snatched at gunpoint in Beirut in 1986. He became Britain's longest-held hostage in Lebanon, although for several years nobody in the UK knew whether he was alive or dead. Finally, on 8 August 1991, John was allowed to go free.

What happened to John McCarthy and Jill Morrell? ›

After McCarthy's release on 8 August 1991, the couple remained together until 1994, and wrote a joint memoir, Some Other Rainbow, but they parted amicably. McCarthy subsequently met BBC photographer Anna Ottewill, and they married in April 1999.

Where does John McCarthy live now? ›

John McCarthy currently resides in Tennessee. He has two sons and a daughter, one of whom has been an MMA judge since 2013. McCathy's autobiography "Let's Get It On – The Making of MMA and its Ultimate Referee " was published on September 1, 2011.

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