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June 21, 2024
PI Global Investments
Private Equity

Independent agency snapped up by private equity-funde…

Independent agency snapped up by private equity-funded firm

Lomond’s John Shepherd brand has acquired a small Birmingham lettings agency, Xact Lettings.

No figure is given for the number of lettings managed by Xact but Lomond now claims that John Shepherd will see its book increase to 8,000 properties.

A Lomond spokesperson says: “The Midlands has been one of the strongest performing regional markets in recent years and has remained a strong area of focus for Lomond and our John Shepherd brand as we’ve looked to execute our ambitious growth strategy.

“Having identified Xact Lettings as a key competitor within the region, we’re delighted to now add the weight and expertise of the company’s lettings arm to the Lomond portfolio and this will only strengthen our presence as one of the leading companies within the Midlands market.”

Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management. It has subsequently made 55 acquisitions in three years, often heralded with a fanfare of publicity, although many of the acquired agencies have been modest in size and operating over local areas.

Lomond estate agency group, which is heavily backed by private equity, is to be sold off according to Sky News, which claims that LDC Private Equity Investment Firm has hired bankers from Clearwater International to oversee a sale of Lomond. Sky says: “A process is expected to kick off in the coming months, and should value Lomond at well over £100m, according to industry sources.”

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