Mon, 02 Dec 2024 | BUSINESS NEWS
LDC has exited its investment in lettings and estate agent platform Lomond netting a multiple return of 3.5x for the private equity group.
However, LDC, part of Lloyds Banking Group, subsequently reinvested in Lomond alongside new investor ICG, the global asset manager, the founding chairman and management to drive more M&A.
LDC originally backed Linley & Simpson in 2018, before merging the regional sales and lettings agency with Lomond Capital in 2020. Since the merger, Lomond has completed 65 acquisitions, becoming one of the fastest growing estate agency networks in the UK, growing from 600 to 1,900 employees and from 22,000 properties under management to more than 50,000.
According to LDC, Lomond’s growth and success is thanks to its centralised model of providing the best systems and the support of specialist people in its management team, HR, Finance, Marketing and Operations.
Lomond, it said, offers the country’s leading independent estate agencies the opportunity to retain their local brand presence and provide them with a platform for growth within their region.
“We’ve had a superb journey so far with LDC. To have secured new investment from such a leading investor in ICG underlines the level of ambition of the team at Lomond and our new partner,” said Ed Phillips, chief executive of Lomond. “We’re now looking forward to accelerating our growth in the coming years as we continue our journey as the best estate agency network in the UK.”
Stuart Pender, Founder and Chairman at Lomond stated: “The new investment from ICG creates significant firepower to fuel the next phase of Lomond’s growth and allows us to realise our ambitions for the business over the next three to five years. We now very much look forward to working with ICG and LDC to maximise the full potential in the platform over the next few years.”
LDC and Lomond were advised by Clearwater and Womble Bond Dickinson.
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