Lomond Exits LDC Partnership Following Transformational Growth
Deal News | Dec 02, 2024 | LDC
LDC, a private equity firm within Lloyds Banking Group, has announced its exit from its investment in Lomond, the UK's leading lettings and estate agent platform. The exit follows a period of significant growth for Lomond, which included a merger with Lomond Capital in 2020 and resulted in 65 acquisitions, expansion from 600 to 1,900 employees, and an increase in managed properties from 22,000 to over 50,000. The exit provided LDC with a money multiple return of 3.5x. Despite this exit, LDC plans to reinvest in Lomond alongside new investor ICG, a global asset manager, and Lomond's existing chairman and management team. This reinvestment aims to support Lomond's strategy of growth through further M&A activities and expansion into new regions. This development comes after Lomond's recognition as one of the Sunday Times Best Workplaces 2024. LDC and Lomond were advised by Clearwater and Womble Bond Dickinson.
Sectors
- Private Equity
- Real Estate
- Mergers and Acquisitions
Geography
- United Kingdom – Lomond, the target company, and LDC, the private equity firm, operate primarily in the UK.
Industry
- Private Equity – The article discusses the activities and transactions of Private Equity firm LDC.
- Real Estate – Lomond is involved in the real estate industry as a lettings and estate agency platform.
- Mergers and Acquisitions – The article centers on M&A activities, discussing Lomond's acquisitions and the reinvestment strategy involving LDC and ICG.
Financials
- 3.5x – Money multiple return achieved by LDC from its investment in Lomond.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| LDC | Private Equity Firm | Company | Part of Lloyds Banking Group, LDC is the private equity investor involved in exiting and reinvesting in Lomond. |
| Lomond | Target Company | Company | A leading lettings and estate agent platform in the UK, formerly backed by LDC. |
| ICG | Investor | Company | A global asset manager making a new investment in Lomond. |
| Clearwater | Advisor | Company | Advised on the transaction between LDC and Lomond. |
| Womble Bond Dickinson | Legal Advisor | Company | Provided legal advisory services for the transaction. |
| Stuart Pender | Founder and Chairman | Person | Chaired the board at Lomond. |
| Gareth Marshall | Partner and Head of North East & Scotland team at LDC | Person | Involved with the strategic partnership and investment of LDC in Lomond. |