It's reported that the Lomond estate agency group, which is heavily backed by private equity and which has expanded through serial acquisitions, is to be sold off.
Sky News understands that LDC Private Equity Investment Firm has hired bankers from Clearwater International to oversee a sale of Lomond.
Sky says: “A process is expected to kick off in the coming months, and should value Lomond at well over £100m, according to industry sources.”
Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management.
It has subsequently made 53 acquisitions in three years, often heralded with a fanfare of publicity, although many of the acquired agencies have been modest in size and operating over local areas.
Now it has some 42,500 properties under management, with about a quarter in Scotland - the largest group under the DJ Alexander brand.
Lomond's website claims the company has 1,200 people across 12 brands from Aberdeen to Brighton.
Its brands are Brand Vaughan, Dale Eddison, DJ Alexander, Hardisty & Co., John Shepherd, Julian Wadden, Linley & Simpson, Michael Jones & Co., Thornley Groves, and Matthews of Chester.
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Some of use Sky for intel - others are in the know. P/E's job is to acquire, knit together at a sprint and dispose of at the highest price possible, unlike the VC model, earn more over time, it's smash and grab Vs long term heist if you need a movie analogy, and as high a risk, especially as the rate of borrowing has gone skyward since Trussanomics washed through the UK.
Eh?
Eh?
The reference to being in the know is taken from the fact that some utilise media outlets for news whilst others use first hand sources, if you read Graham's piece he is making plain his resource for the article, (Sky News) which as a top journalist he would. As my day job is now more and more in the world of VC and P/E and M/A which means analysing all the moving parts in real estate, it was within my head that at this juncture Lomond would be looking for a new home. And the reference to Truss was that it marked the moving point of cheap money becoming expensive money and why the back end of 2023 saw the money being turned off completely.
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