Platinum Equity agreed to acquire Leaders Romans Group, a UK property services firm. Platinum is buying the business from Bowmark Capital. Leaders Romans Group CEO Peter Kavanagh will continue to lead the business once the deal closes.
Platinum Equity announced today the signing of a definitive agreement to acquire Leaders Romans Group (‘LRG’), one of the UK’s largest property services firms, from Bowmark Capital. Financial terms were not disclosed.
LRG specializes in residential property lettings, sales and associated professional services, including planning and surveying. The group has a nationwide network of 210 branches and offices and manages over 62,000 properties across the UK.
“LRG plays an important role in the UK property market and has grown steadily for decades,” said Platinum Equity Partner Louis Samson, who oversees the firm’s European operations. “We have spent a lot of time getting close to this sector and are excited about the opportunity to invest in it through the LRG platform, which has a uniquely diversified and resilient recurring revenue base. The LRG management team has built an impressive business with a high-velocity M&A program, and we look forward to working with them to take it to the next level. The company will also benefit from Platinum’s operations capabilities and our expertise in digital transformation in particular.”
Platinum Equity said it will help further enhance LRG’s prolific M&A capabilities.
“LRG is a strong platform with a healthy pipeline of add-on opportunities and is well positioned as a buyer of choice in its sector,” said Fernando Goni, Managing Director at Platinum Equity. “Platinum’s financial and transactional support can accelerate those efforts and help the company continue growing through branch acquisitions and larger, strategic M&A opportunities. We look forward to working with the management team to continue supporting the company’s long-term ambitions.”
LRG CEO Peter Kavanagh will continue to lead the business following the change in ownership.
“LRG is well positioned to capitalize on the exciting opportunities that lie ahead – both from organic growth and the continuation of our successful acquisition strategy,” said Mr. Kavanagh. “I look forward to working with Platinum, a firm with global resources and a strong local presence in the UK, in the next stage of LRG’s development.”
The LRG acquisition will further expand Platinum Equity’s growing portfolio of European investments.
“We have had a lot of success as a transaction partner in the UK and throughout Europe, and acquiring LRG represents another exciting step forward,” added Mr. Samson.
Other current European Platinum Equity investments include: European vacation rentals group Awaze (London); private label sweet biscuits manufacturer Biscuit International (Paris); global marine contractor De Wave Group (Genoa, Italy); wine producer Fantini Group Vini (Ortona, Italy); seafood provider Iberconsa (Vigo, Spain); and environmental services business Urbaser (Madrid).
Latham & Watkins LLP and Eversheds Sutherland LLP provided legal counsel to Platinum Equity on the acquisition of LRG.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.
About Bowmark Capital
Bowmark Capital is a leading private equity firm that invests in UK services and technology companies. Established in 1997, we manage and advise funds of over £1.5 billion and have made more than 50 investments. With our strategic support and capital, we work in partnership with management teams to accelerate growth and build exceptional businesses. Find out more at www.bowmark.com and LinkedIn. Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.