One of the largest property services firms in the UK, Leaders Romans Group (LRG), has been acquired by a private equity firm.
US-based Platinum Equity has signed a definitive agreement to acquire LRG from London private equity house Bowmark Capital.
Wokingham-based LRG specialises in residential property lettings, sales and associated professional services, including planning and surveying.
It has a nationwide network of 210 branches and offices and manages over 62,000 properties across the UK.
Platinum Equity Partner Louis Samson said: "LRG plays an important role in the UK property market and has grown steadily for decades.
"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."
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.
Financial terms of the deal were not disclosed.