Bowmark Capital, the mid-market private equity firm, has signed a binding agreement to sell Leaders Romans Group (‘LRG’), one of the UK’s largest property services groups, to Platinum Equity.
LRG was formed from the merger of two Bowmark portfolio companies, Leaders Lettings and Romans Group, in 2016. It specialises 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.
Under the stewardship of Bowmark and LRG’s executive team, revenues have approximately trebled to £165 million, the number of employees has increased from 960 to 2,500, and the business has completed a total of 132 bolt-on acquisitions of branches and lettings portfolios.
Whilst pursuing this successful expansion strategy, the company has continued to deliver the highest standard of service for both tenants and landlords, complemented by a focus on product and service innovation.
Peter Kavanagh, LRG’s Chief Executive Officer, commented: “Our partnership with Bowmark has been instrumental in building LRG into one of the leading property services groups in the UK. As a result of the investment in people, operations and new services, the business is well-positioned to capitalise on the exciting opportunities that lie ahead – both from organic growth and the continuation of our successful acquisition strategy. I look forward to working with Platinum in the next stage of LRG’s development.”
Bowmark partner Tom Shelford said: “We are delighted to have supported LRG to become the leading consolidator in the sector. The exceptional calibre of LRG’s people, and its focus on service excellence through digital transformation and product innovation, will ensure its continued success with its new investment partner.”