NVM exits Paladin Group

Touchstone, Paladin's trading subsidiary, will keep its existing identity, board and governance structures while operating as a subsidiary of Places for People.

The GP told unquote" that Paladin's board and shareholders agreed that after six years it was right to seek an exit. It said Places for People was the obvious acquirer as the company focuses on social housing and the private rental sector, a market that Paladin was seeking to enter. The deal was led by the corporate finance team at Deloitte.

Previous investment
NVM first backed Paladin in a £3.5m funding round in 2006 with further funding provided by HSBC Leveraged Finance, which funded the group's acquisition of high street letting agency network Castle Estates.

In 2008, NVM injected £1.5m into the group, alongside capital from property consultancy Colliers CRE and debt from HSBC, to fund Paladin's acquisition of Phoenix Precision Electric and a group of lettings businesses in North Buckinghamshire. Paladin's number of managed residential properties increased by 344% over the holding period.

The firm invested a total of £6m over the six-year holding period to help the management team expand and develop the business. The investments were made in three stages in which NVM built on its initial material minority stake.

Company
Based on the outskirts of Bath, property services firm Paladin trades through its principal subsidiary Touchstone. The company employs around 300 people and manages more than 20,000 residential properties across the country. The company was founded in 2000.

People
Martin Green led the deal for NVM.

Advisers
Equity – Deloitte, Martyn Gregory (Corporate finance); Michelmores, Stephen Morse (Legal).

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• Topics
• Exits
• UK / Ireland
• Support services
• United Kingdom
• NVM Private Equity
• Trade sale
• Deloitte