Platinum Equity has acquired Leaders Romans Group, a property service firm based in the UK, from Bowmark Capital.
LRG concentrates on residential property lettings, sales and associated professional services like planning and surveying. The firm has a network of 210 branches and offices in order to manage over 62,000 properties across the United Kingdom. The deal will serve to expand Platinum Equity’s portfolio of investments in Europe.
“LRG plays an important role in the UK property market and has grown steadily for decades,” said Platinum Equity partner Louis Samson. “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.”
“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.”
Latham & Watkins LLP and Eversheds Sutherland LLP provided legal counsel to Platinum Equity on the acquisition of LRG.