LDC backs £17.8m GMG Property MBO

Following the deal, the group will be renamed The Property Software Group.
The transaction saw LDC taking a significant stake in the company, investing alongside management and providing an exit for previous owners Guardian Media Group (GMG).

The investment will be used to accelerate the roll-out of the company's newest software offering, Alto. Furthermore, the group will deploy an acquisitive growth strategy, targeting businesses that will increase its market share.

Debt
Acquisition debt facilities were provided by Silicon Valley Bank.

Company
Founded in 2007 by Guardian Media, GMG Property provides software, technology and design services to estate agents. It serves around 6,700 individual branches, comprising UK residential sales agents, residential letting agents as well as managers of letting properties.

The company owns and licences four software brands. CFP Software, which is aimed towards lettings, property management and estate agents; Vebra Solutions, a software product for property professionals; Core Systes, a software product for residential estate agents; and Alto, as cloud-based SaaS software offering.

The business employs 170 people throughout the UK and generates turnover of £10m.

People
Mark Goddard is CEO of GMG Property Services.

As part of the deal, Alastair Hazell has been appointed as non-executive director.

The deal was led by LDC managing director Yann Souillard and director Alastair Weinel, who have both joined the company's board.

Advisers
Equity - Shoosmiths (Legal); HMT Corporate Finance (Corporate finance); Dean Street Advisers (Corporate finance).
Vendor - Capstan Capital Partners (Corporate finance); Boyes Turner (Legal).

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