MBO of GMG Property Services Group
HMT undertook financial due diligence for leading mid-market private equity firm LDC and management, on the buy-out of GMG Property Services (Holdings) Limited, the UK’s leading provider of software services to estate agents. LDC supported the £17.8 million MBO.
Luton-headquartered GMG was founded in 2007 and is the UK’s largest supplier of software, technology and design solutions to the property industry. The business, which employs over 170 people across its network of UK operations in York, Redruth, Luton and Wolverhampton, has an annual turnover of more than £10 million, and has a portfolio which comprises four market leading software brands, web design services and a consumer facing property portal.
Following the management buy-out, the business will be rebranded as ‘The Property Software Group’. LDC will take a significant stake in the business, investing alongside the incumbent management team led by Chief Executive Mark Goddard.
LDC’s investment will help to accelerate the recent organic revenue growth of the business through the ongoing roll-out of leading cloud-based IT services product Alto Residential, and support the management team’s buy and build strategy, targeting complementary businesses to lead consolidation of the market.
Alastair Weinel, Investment Director at LDC, commented:
Mark Goddard commented:
Paul Read commented:
“We are delighted to have advised the LDC team and management on the MBO. PSG operate in an exciting market, where they are undoubtedly a leader, and the group has outstanding growth prospects. We look forward to working with management and their co-investors in the coming years.”
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