Lomond’s growth strategy of further consolidation through acquisition in its existing markets, as well as providing additional capital to drive expansion into new regions, forms a key part of the firm’s plans for growth.
Lomond has completed 65 acquisitions in recent years, including that of Uni2 Rent earlier this month, becoming one of the fastest growing estate agency networks in the UK.
The company has increased from from 600 to 1,900 employees and from 22,000 properties under management to more than 50,000, with plenty more room for growth, supported by significant investment from global asset manager ICG.
International law firm Womble Bond Dickinson (WBD), which has advised Lomond on several purchases, including that of Kinleigh Folkard & Hayward (KFH) in London last year, says it is ready to help the estate agency group on further transactions in the future.
“We look forward to playing our part in helping Lomond continue to grow and achieve their strategic ambitions,” said Simon Pilling, a partner at WBD.
Reflecting on WBD’s role in the recent acquisition of KFH, Ed Phillips, CEO of Lomond, commented: “Simon, David [Ridley – a managing associate at WBD] and the rest of the team have again played a vital part in executing this transaction, and their combined M&A expertise and understanding of our business are valued greatly as we continue to position Lomond as a major market leader.”
The recent investment from ICG creates “significant firepower” to fuel the next phase of Lomond’s growth over the next three to five years, according to Lomond’s founding chairman Stuart Pender.
He recently explained: “Our management team has done an excellent job over the last three years in building a market-leading platform and we have been well supported by LDC during this critical phase of our growth. We now very much look forward to working with ICG and LDC to maximise the full potential in the platform over the next few years.”
Mark Piasecki, managing director at ICG, added: “We see significant future value creation opportunity through further organic growth initiatives in its core regional markets, in addition to leading the consolidation drive in a highly fragmented market through what is a well-proven M&A platform. We look forward to working closely with Ed and the talented management team to fulfil Lomond’s significant potential.”
Fast-growing estate agency announces second acquisition of the year
Read the orginal article: https://propertyindustryeye.com/lomonds-continued-growth-strategy-key-to-ambitions-to-become-a-major-market-leader/
