An agency group with an acquisition programme funded by a private equity operation has snapped up another independent agency.
Lomond – which has an acquisition programme bankrolled by LDC, a private equity operator in the Lloyds Banking Group – has purchased HOP Lettings and HOP Students. Both operate mostly in Leeds.
The move will see HOP Lettings operate as part of Lomond’s Linley and Simpson brand, and will add 861 residential properties, taking the firm’s lettings book beyond the 15,000 unit threshold.
The existing HOP Students business adds an additional 300 student properties to Lomond’s extensive national portfolio, and will continue to operate from the existing Leeds city centre office, with the same team.
LDC backed the creation of Lomond in 2020, merging Lomond Capital with Linley & Simpson. A statement from the agency says of LDC: “The firm continues to work closely with the management team to support Lomond’s successful buy and build strategy.”
The owner and founder of HOP, Luke Gidney, comments: “This strategic move will have a big impact on the wider market and gives Linley & Simpson an exciting opportunity to enter the thriving student rental sector in Leeds. We know that our loyal clients and fantastic staff will be in very safe hands. I would like to say a huge thank you to the team at HOP for all their hard work over the last 15 years, the business wouldn’t be where it is today without them. I wish them all the best for the future and look forward to watching its continued success in this next chapter.”
This is Lomond’s 54th acquisition since its creation – most, like HOP, have been small or mid-sized regional firms.
Lomond chief executive Ed Phillips says: “Our aggressive growth strategy has focussed on acquiring some of the best regional businesses across the nation’s fastest growing property markets and this latest acquisition is no different.