BPE sells remaining shares in LSL

The stake, representing 13 million shares, was sold at a price of 208p each. Following this sale and LSL's IPO in 2006, total proceeds for BPE exceed £106m, which represents a return on the original investment in 2004 in excess of 13x.

BPE backed the MBO of LSL, which comprised of e.surv and Your Move, in July 2004 from Norwich Union for £42.5m. The investor has since supported the growth of the company with the acquisition of Reeds Rains in 2005. LSL was floated on the London Stock Exchange in November 2006. At the time, the IPO gave the company a market capitalisation of £211m.

LSL provides property related services including residential property valuations and surveys, estate agency and lettings. In the sixth months to 30 June 2010, the company recorded a 56% increase in like-for-like operating profit to £17m on a like-for-like 22% increase in turnover to £90.2m.

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