Lambert Smith Hampton snapped up in £34 million deal
Property consultancy Lambert Smith Hampton (LSH) looks set to be acquired by Essex rival, Countrywide plc for cash consideration of £34.1m.
The deal is through Countrywide’s subsidiary, Sankaty European Investments, who have swooped as LSH struggle to service debts following a 2007 management buyout.
LSH’s extensive blue chip client list, including the BBC and many London Borough Councils, is attractive to Countrywide who have no commercial property activity at the moment.
Grenville Turner, Group CEO, Countrywide plc said: “The acquisition of LSH is an important part of Countrywide’s continued growth strategy. It will enhance our footprint across the UK and will help to drive more opportunities to our teams operating our core Land and New Homes, and Residential Development & Investment businesses.
“We have a successful track record of acquiring and managing businesses, and being part of Countrywide plc will bring a wealth of new opportunities, fresh investment, economies of scale, and expertise to LSH. We are committed to the continued development of LSH as it becomes an increasingly important player in the commercial property market. We are looking forward to working in partnership with the LSH team to drive the business forward together.”
Ezra Nahome, CEO, Lambert Smith Hampton said: “This heralds a new, exciting chapter for LSH and being part of the Countrywide group will provide us both with significant opportunities.”
This was posted in Bdaily's Members' News section by Tom Keighley .