By Mark Kleinman, City Editor
Manifesto pledges by the UK's main political parties to spur a housing revolution are fuelling plans by the private equity firm 3i to offload the country's biggest independent building materials group.
Sky News understands that 3i is planning to sell its 40% stake in MKM Building Supplies nearly two decades after its original investment in the company.
A number of advisers have been asked to pitch to handle a sale, which one source speculated could value it at around £200m.
Hull-based MKM, which has more than 40 branches across the country, has seen sharp rises in sales and profits in the wake of its expansion, which has been concentrated in the north of England and Scotland.
The company was founded in 1995 by David Kilburn and Peter Murray, with 3i acquiring a stake three years later.
While it is known as a long-term investor, 18 years is nevertheless a lengthy holding period for a 3i investment.
LDC, the private equity arm of Lloyds Banking Group, is also a minority shareholder in MKM.
Analysts expect a housebuilding spurt in the next few years, which should provide a substantial boost in demand for building materials.
In their respective manifestos, launched this week, Labour and the Conservatives said they would ensure the construction of hundreds of thousands of homes a year during the next parliament.
MKM is chaired by Stuart Rose, a former Body Shop executive and not the former chairman of Marks & Spencer who now sits in the House of Lords.
3i declined to comment.
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