One of the UK's largest lettings and estate agent platforms has agreed a significant sale and partnership investment with global asset manager, ICG, following advice from international law firm Womble Bond Dickinson (WBD).
Lomond, one of the UK's fastest growing property management services providers that oversees more than 50,000 properties across the UK, will be invested in by ICG to support the group's continued M&A growth strategy of further consolidation in existing markets and providing additional capital to drive expansion in new regions.
ICG are investing alongside reinvestment from founding chair Stuart Pender, existing management, and private equity investor LDC, which is part of Lloyds Banking Group and has been a backer of the group since 2018.
Since that original investment, LDC has overseen the merging of regional sales and lettings agency Linley & Simpson with Lomond Capital in 2020 and has supported the group through 65 acquisitions and headcount growth from 600 to more than 1,900 employees. In that time the business has also more than doubled the number of properties under management.
A WBD team of more than 40 lawyers advised on the deal; led by partner Simon Pilling and managing associate David Ridley from the firm's Private Equity team, with additional core support from partner James Cook (who led the reinvestment by LDC), managing associate Catherine Willis, and solicitors William Reynolds, Scarlett Hanks, Alex Dolling and Becky Brook.
The firm has been a core advisor to Lomond since they advised longstanding client LDC on its original investment in 2018 and has taken a lead role on its largest acquisitions to date, including the recent purchases of Miles & Barr in Kent, Charters in Hampshire & Surrey, and Chase Evans in London.
Simon said:
"This is a milestone moment for Lomond and one which reinforces their strong commitment and focus on growth. It has been a pleasure to support LDC and the business over the last six years and particularly in this landmark transaction, that will set the group up for long-term success.
"A deal of this size and complexity requires a deep consideration of numerous matters across a broad scope of practice areas. Being able to oversee a wide-reaching and deeply skilled team to support LDC and Lomond to reach the next step on their trajectory has been a fantastic experience and one which the team has been thrilled to support with."
Ed Phillips, chief executive at Lomond, said:
"Delivering a positive result in a project such as this is always a team effort and your choice of advisors is enormously important in ensuring a successful outcome.
"Working with the team WBD from the very beginning of the process earlier this year and throughout every stage of the journey, has been crucial in helping deliver our outcome. I and the whole management team are hugely grateful to Simon, David and everyone at WBD for their long hours, late nights and tenacity right until the end."
Gareth Marshall, partner and head of LDC's North East & Scotland team, said:
"The team at WBD have supported us from our initial investment in Linley & Simpson in 2018 through to the combination with Lomond in 2020 and now to this significant transaction where we will continue to support the business alongside ICG. Simon, James, David, and many others in the WBD team, have provided first class advice and support throughout the journey and have gone above and beyond."
Lomond provides independent estate agencies the opportunity to retain and build their local brand presence while linking into the wider centralised model available through Lomond, including the support of specialists across management, HR, finance, marketing, and operations.
The group's approach has been highlighted for its growth and success as well as workplace culture, with the group recognised in the Sunday Times Best Workplace 2024 awards.
