Dwelly has completed its third major agency acquisition, this time adding 550 new units to its growing portfolio.
The latest purchase sees Dwelly acquire Pennington, a well-established agency in Suffolk, founded by Julian Pennington and Robert Ulph.
Pennington’s management portfolio of 550 units will now be integrated into Dwelly’s lettings and management platform.
Pennington marks the third UK acquisition made by Dwelly, following previous buy-outs of agents in Yorkshire and Essex which themselves added 1,500 units to the Dwelly portfolio.
Dwelly was founded by Ilya Drozdov, Dan Lifshits, and Dmitry Khanukov, seasoned entrepreneurs with over 15 years of experience working together in the tech-enabled lettings industry. They previously held leadership positions at tech giants and consulting firms such as Uber, McKinsey, and Gett.
Sam Humphreys, head of M&A at Dwelly, commented: “We have continued to take an extremely selective approach when it comes to the businesses we acquire and this allows us to honour the legacy of these independent business owners who have poured years of effort, care and investment into building market leading agencies within their respective local markets.
“These are businesses that have been nurtured and developed over years, or in Pennington’s case, decades, and you simply can’t replicate the company culture that is central to this success and so, when we do find it, we place a great deal of emphasis on maintaining it.
“At Dwelly, our role is to build on the strong foundations built by local owners, supporting them by simplifying operational tasks and improving how tenants and landlords interact with the agency, making everything easier, faster and more transparent.
“By the end of 2025, we are committed to achieving the goal of managing over 10,000 properties under Dwelly’s management, while staying true to our principles and people-first approach, and we’re well on the way in reaching this goal.”
Pennington, co-owner of Pennington, said: “The decision to be acquired and who to choose isn’t one that comes lightly, but it soon become clear to us that Dwelly was by far the best option for our business not just in terms of the operational benefits and growth potential they provide, but also to ensure that the culture we’ve built continues to be nurtured.
“Working with Dwelly gives us the opportunity to modernise our operations and enhance the service we provide to both our landlords and tenants. Their approach to integrating technology into the lettings process will help us improve efficiency while still maintaining the values we’ve built over the years.”
Ulph, co-owner and MD of Pennington, added: “This acquisition enables Pennington to evolve alongside an innovative leader in the property tech space. By combining our over 30 years of expertise with Dwelly’s cutting-edge solutions, we’re confident we’ll continue to set the bar for excellence in the Ipswich market.”
Read the orginal article: https://propertyindustryeye.com/ambitious-proptech-firm-acquires-third-letting-agency/
