DealmakingM&A / FundingProptechReal Estate

Platinum Equity announces LRG acquisition

Platinum Equity, a global investment firm with more than $25 billion in assets under management, announced today the signing of a definitive agreement to acquire one of the UK’s largest property services firms, Leaders Romans Group (LRG), according to a press release.

The agreement with current owner Bowmark Capital will move LRG, which specializes in residential property letting, sales and associated professional services, into Platinum Equity’s growing European investment portfolio. LRG currently has a nationwide network of 210 branches and offices, and manages over 62,000 properties across the UK.

“LRG plays an important role in the UK property market and has grown steadily for decades. We have spent a lot of time getting close to this sector and are excited about the opportunity to invest in it through the LRG platform, which has a uniquely diversified and resilient recurring revenue base,” said Platinum Equity Partner Louis Samson, who oversees the firm’s European operations.

“The LRG management team has built an impressive business with a high-velocity M&A program, and we look forward to working with them to take it to the next level. The company will also benefit from Platinum’s operations capabilities and our expertise in digital transformation in particular,” said Samson.

Platinum Equity also said it will further enhance LRG’s “prolific M&A capabilities.” While Managing Director Fernando Goni said the purchasing firm will financially and transactionally support LRG’s continued growth efforts, current LRG CEO Peter Kavanagh is expected to continue leading the business following the change in ownership.

“LRG is well positioned to capitalize on the exciting opportunities that lie ahead – both from organic growth and the continuation of our successful acquisition strategy,” Kavanagh stated in the release, adding, “I look forward to working with Platinum, a firm with global resources and a strong local presence in the UK, in the next stage of LRG’s development.”

The acquisition follows a growing focus on European investment for Platinum Equity, with other notable EU-based portfolio companies including vacation rentals group Awaze, global marine contractor De Wave Group, wine producer Fantini Group Vini and environmental service business Urbaser.

Latham & Watkins LLP and Eversheds Sutherland LLP provided legal counsel to Platinum Equity on the acquisition.

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