LDC-backed Linley acquires MML's Lomond in £100m merger

The remaining shareholders in the business are LDC and the management teams of the businesses, according to a spokesperson for LDC. The combined company will have access to further acquisition facilities provided by LGT Capital Partners.

Since LDC's investment in Linley & Simpson in June 2018, the business has made 18 acquisitions and doubled its portfolio from 5,000 to 10,000 properties, according to a statement.

Co-founder and CEO of Linley & Simpson, Will Linley, will join the board as group managing director, while Nick Simpson will become CEO of Yorkshire and Martin Elliott will become CFO. Linley & Simpson non-executive chairman Peter Chappelow will continue to hold the position on a group level.

Previous funding
MML Capital took a minority stake in Lomond in 2014. Ian Wallis, managing partner at MML, told Unquote at the time, that MML had taken a significant minority stake in the range of 25-50%, and that the investment would provide a substantial war chest for Lomond to pursue bolt-ons.

Company
Lomond employs 350 people and is a national lettings and estate agency group based in Edinburgh. It was founded in 2010.

People
LDC – Gareth Marshall (head of Newcastle); Rob Powell (director); Mike Barker (investment director); Jonathan Bell (head of North). 
Linley & Simpson – Stuart Pender (group CEO).

Advisers
Equity – Clearwater International (corporate finance); Womble Bond Dickinson (legal).
Company – Dickson Minto (legal); Deloitte (financial due diligence); Dow Schofield Watts (legal).
Acquirer – Freeths (legal); TLP Capital (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• LDC
• Buy-and-build
• Build-up