Equistone sells FirstPort to sponsor-backed Emeria

Wahida Ahmed
30 March 2022

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Mid-market GP Equistone has agreed to sell FirstPort, a UK-based residential property management company, to Partners Group- and TA Associates-backed European residential real estate services provider Emeria.

FirstPort's management team has reinvested in the business and remains in place as the company is set to operate as a subsidiary of Emeria.

FirstPort will retain operational independence following the deal, with no impact on the company's customers, clients, employees, or suppliers, according to a press release.

The deal marks the first exit from this Equistone Partners Europe Fund VI. Since its acquisitions in 2019, the GP supported several bolt-on acquisitions for FirstPort while also growing the business organically. The sponsor invested in enhancing the company's digital capabilities, growing its footprint and supporting its transition to becoming a digitally-led business.

According to a source close to the situation, FirstPort has EBITDA of around GBP 30m. The source added that the sale took place off the market.

France-based Emeria operates across seven European countries and focuses on joint property management and rental management, as well as brands providing other real estate services. Equistone acquired FirstPort from Epiris- and Chamonix Private Equity-backed portfolio company Knight Square. In June 2020, FirstPort merged with Mainstay Group, an asset management company, according to a press release at the time. FirstPort acquired the residential management arm of Chamonix Estates in December 2020, according to a statement at the time.

Equistone invested in the business through Equistone Partners Europe Fund VI , which held a final close in March 2018 on EUR 2.8bn hard-cap. The vehicle invests EUR 25m - EUR 200m in lower mid-market companies based in Western Europe focusing on France, Germany, Switzerland and the UK, according to Unquote Data.

Equistone and Partners Group declined to comment. TA Associates did not respond to a request for comments at the time of publication.

Company
FirstPort is headquartered in London, UK and it employs 3,800 staff. The company provides residential property management services. FirstPort works with investors, developers, freeholders, with over 1,300 Resident Management Companies to provide services to leaseholders, which include day-to-day property management.

People
Emeria - Philippe Salle (president, CEO).
Partners Group - Kim Nguyen (partner).
TA Associates - Patrick Sader (managing director).
Equistone - Tim Swales (partner).