Palamon-backed Simplify bolts on My Home Move

The combined company will have an enterprise value of £175m. My Home Move generates EBITDA of £10m, according to Debtwire.

Palamon invested in QualitySolicitors in 2011 in a deal worth more than £10m, according to Unquote Data. Palamon provided additional funding to support the company's research and development activities and supported the purchase of The Simplify Group in 2014.

Permira Debt Managers provided acquisition financing and HSBC provided a revolving credit facility (HSBC has provided financing for Simplify since Palamon's original investment in 2014).

Previous funding
Smedvig acquired a minority stake for £6.8m in 2005. Smedvig will continue to hold its significant minority stake in the business following the acquisition.

In 2009, Smedvig invested £3.5m in My Home Move for strategic acquisitions. The company acquired Advantage Property Lawyers, the UK's sixth largest conveyancer, last year.

Company
Established in 1999 and based in Leicester, My Home Move offers direct conveyancing services, panel management and remortgaging services for standard sale and purchase moves, new build homes, shared ownership and Help to Buy transactions. The company also owns Premier Property Lawyers, its in-house law firm.

People
Palamon Capital Partners – Jean Bonnavion, Phil Arbour (partners).
Smedvig Capital – Robert Toms (managing director).
Simplify – David Grossman (CEO).

Advisers
Company – KPMG (financial due diligence).

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• Topics
• Portfolio management
• UK / Ireland
• Consumer
• Build-up
• Buy-and-build
• Palamon Capital Partners
• Smedvig Capital
• United Kingdom