ICG and Searchlight among suitors for lettings agent Lomond
A sale of Lomond Group is expected to value the business at more than £100m and continue the estate agency sector’s deal frenzy, Sky News understands.
A pack of private equity firms is circling Lomond Group, the chain of lettings agents owned by an arm of Britain’s biggest high street lender.
Sky News has learnt that ICG and Searchlight Capital Partners are among the buyout funds examining formal offers for Lomond.
A sale process for the business, which is owned by LDC, the private equity division of Lloyds Banking Group, is now in its second round, according to City sources.
It is expected to value Lomond at well over £100m.
One insider said on Friday that four bidders remained in discussions to buy the company.
Lomond Group was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management.
Keep up with all the latest news from the UK and around the world by following Sky News
The company has a particularly prominent presence in cities such as Aberdeen, Birmingham, and Leeds.
It trades under brands such as Thornley Groves, Braemore and John Shepherd.
The prospective auction comes amid a flurry of corporate activity in the estate agency sector.
LDC is being advised by bankers from Clearwater International on the deal.
Be the first to get Breaking News
Install the Sky News app for free
ICG declined to comment, while Searchlight could not be reached for comment.
