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LSL Property Services
Equistone backed the management buyout by Lending Solutions (LSL) of e.surv and Your Move from Norwich Union.
e.surv is the leading business to business distributor of residential property valuations, and the largest panel manager in the UK.
VALUE CREATION
In October 2005, LSL acquired Reeds Rains estate agency to expand its estate agency division, which also comprises Your Move. Combined, these brands now form the UK's third largest national estate agency chain with over 400 branches. The estate agency division also offers its customers financial products such as mortgages, life and general insurance.
THE EXIT
In November 2006, the company (now renamed LSL Property Services plc) achieved a listing on the London Stock Exchange's market for listed securities. The market capitalisation at listing was £211m. Equistone (including funds under management) retained a 29% stake at the time of listing, which was sold down with a full exit being achieved in November 2010. Overall returns on this successful deal exceeded 13x original investment.
HOLDING PERIOD
Jul 2004 - Nov 2010
Country
UK
Sector
Business Services
Revenue Progression
£140m / £195m
Employees at ACQ.
2,000
Investment Type
Primary MBO
We have generated a great return for our investors and are confident that LSL’s excellent management team will continue to successfully grow the business.