Edinburgh-based Cala said Beaconsfield-based Banner was a perfect strategic fit as it focused on upmarket family homes within affluent areas of the south of England, the Midlands and Scotland.
Banner sold 235 homes during the 12 months to May 2013 at a private average selling price of £511,000, resulting in revenues of £111m and operating profit of £16.4m.
Last month Cala announced growth plans to double the size of its business organically by 2017. The Banner acquisition allows it to accelerate those plans.
The target is to deliver around 2,000 homes per year by 2017.
