Headquartered in Kendal, Russell Armer is an award winning housebuilder, which recently celebrated its 60th anniversary.
As part of the deal, shareholders Martyn Nicholson and Andrew Taylor will exit the business.
All of the staff will be retained and the company will continue to trade under the Russell Armer brand.
Since launching in 2017, Genesis Homes has built and sold a total of 180 homes over five developments. It generated “revenues of nearly £22m” in the last financial year and aims to be “Cumbria’s leading housebuilder”.
According to the firm, the acquisition of Russell Armer is a “significant milestone in the company’s growth plans”.
Rob Richardson, corporate finance partner at Azets in Manchester led the deal and was supported by Jenny Pape, tax partner, and Nan Hao, corporate finance assistant manager.
Richardson said: “Despite the challenges of the pandemic, Brexit and the uncertain economic outlook, this deal proves that attractive, well managed businesses will always be in demand. It’s credit to the resilience and enterprise of the North West business community that our teams remain so active.
“It’s the sixth deal our team has completed this year and we’ve got a strong pipeline ahead. As the regional house buying boom shows no sign of abating, we’d expect Genesis to go from strength to strength following this acquisition.”