Tue, 11 Jun 2024 | BUSINESS SALE
A Birmingham lettings business has been acquired by Lomond brand John Shepherd. The takeover of 100 per cent of Xact Group’s lettings business increases John Shepherd’s book to approximately 8,000 properties under management.
The acquisition of Xact Lettings Limited is Lomond’s 55th in the space of three years, as the group continues to execute its aggressive, M&A-led growth strategy. The deal cements the group’s John Shepherd brand as one of the main lettings agents in the Midlands, with Xact having been identified as a major competitor in the region.
Following the acquisition, Lomond Chief Executive Ed Phillips said: "The Midlands has been one of the strongest performing regional markets in recent years and has remained a strong area of focus for Lomond and our John Shepherd brand as we've looked to execute our ambitious growth strategy."
"Having identified Xact Lettings as a key competitor within the region, we're delighted to now add the weight and expertise of the company's lettings arm to the Lomond portfolio and this will only strengthen our presence as one of the leading companies within the Midlands market."
John Shepherd Chief Executive Richard Crathorne said that John Shepherd has “long been established as one of the leading forces in the Midlands property market”. He added that the acquisition of Xact Lettings "will only help us strengthen our position as one of the market leaders within the regional rental market and we look forward to helping even more landlords and tenants as the business continues to expand."
Lomond Group was created in 2021 through the merger of Lomond Capital and Linley & Simpson. Since then, the group has expanded rapidly through acquisitions, backed by private equity owner LDC Private Equity Investment Firm.
LDC has reportedly engaged bankers from Clearwater International to explore a sale of the group, which is expected to be valued at well over £100 million, according to sources in the industry.
Private equity investment is a leading factor driving M&A activity in the UK's estate agent market
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