LDC backs Lomond’s next growth chapter

A private equity investor has completed a successful exit while reinvesting to support future expansion in the property sector.

LDC, part of Lloyds Banking Group, has exited its investment in Lomond, the UK's leading lettings and estate agent platform, after a period of “transformative partnership”.

Bosses say the transaction, which includes reinvestment by LDC alongside new investor ICG, will provide “significant firepower” and help “accelerate” Lomond’s strategy of regional expansion and M&A activity.

Since LDC backed Linley & Simpson in 2018 and facilitated its merger with Lomond Capital in 2020, Lomond has completed 65 acquisitions, grown its workforce from 600 to 1,900 and increased properties under management from 22,000 to over 50,000. The exit delivers a 3.5x return for LDC, while Lomond continues to provide local estate agencies with a national platform for growth.

Ed Phillips, chief executive officer at Lomond, said: “We’ve had a superb journey so far with LDC.

“What we’ve achieved together is a testament to the hard work and passion of our people and I am delighted they will remain as a partner going forward.

“To have secured new investment from such a leading investor in ICG underlines the level of ambition of the team at Lomond and our new partner.

“We’re now looking forward to accelerating our growth in the coming years as we continue our journey as the best estate agency network in the UK.”

Gareth Marshall, partner and head of LDC’s North East & Scotland team, added: “This has been a truly transformative partnership spanning six years.

“We are proud to have supported Will and Nick initially, Stuart and Ed and the current team to scale from a regional lettings and estate agency to a multi-regional platform and now to a leading, multi-brand, national player.

“Today, Lomond has unrivalled reach, reputation and the strongest team in the market and we’re looking forward to continuing our support for the business alongside ICG and management.”

The deal positions Lomond, recently recognised in the Sunday Times Best Workplace 2024 awards, to sustain its momentum as one of the UK’s fastest-growing estate agency networks.

Stuart Pender, founder and chairman at Lomond, added: “The new investment from ICG creates significant firepower to fuel the next phase of Lomond’s growth and allows us to realise our ambitions for the business over the next three to five years.”

LDC and Lomond were advised by Clearwater and Womble Bond Dickinson.

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