Marsh & Parsons Limited, one of London’s leading and best known estate agencies, has been sold to LSL Properties Services plc. (LSL) for a consideration of approximately US$85 million.
Marsh & Parsons, founded in 1856, operated within the confines of Kensington and Chelsea until 2005 when Dublin’s largest estate agency, Sherry Fitzgerald Group, and the management team, led by Peter Rollings, acquired the firm. This change of ownership allowed Marsh & Parsons to expand and the firm now has 15 offices situated in central, south and west London. Marsh & Parsons will continue to operate as an independent brand within the LSL group.
LSL Property Services plc is a leading provider of residential property services to its two key customer groups. Services to consumers include estate agency, lettings, surveying, and advice on mortgages and non-investment insurance products. Services to mortgage lenders include valuations and panel management, asset management and property management.
Oaklins Cavendish, based in the UK, was appointed by the shareholders to sell Marsh & Parsons. The company attracted strong interest from a wide range of buyers including private equity groups, high net worth individuals and both UK and international trade buyers. Key to the selection of LSL as the preferred bidder was its ability to offer a synthetic private equity structure giving the management of Marsh & Parsons the independence and economic upside of a private equity deal while benefiting from the secure funding and long-term commitment of a strategic buyer.
Michael Baulk, Chairman of Marsh & Parsons, commented: “We would like to acknowledge the tremendous support we enjoyed from the team throughout the sale process. I believe we have been very well advised and that their perspectives and experience at the inevitably tricky moments were enormously valuable.”
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