Lettings and estate agent platform Lomond has secured a partnership investment from ICG, a global alternative asset manager.
LDC, founding chairman Stuart Pender (pictured), and management also reinvested in the business.
The investment will enable Lomond to continue its growth strategy through mergers and acquisitions in existing markets and provide additional capital for expansion into new regions.
Pender said: “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.
“Our management team has done an excellent job over the last three years in building a market-leading platform and we have been well supported by LDC during this critical phase of our growth.
“We now very much look forward to working with ICG and LDC to maximise the full potential in the platform over the next few years.”
Ed Phillips, CEO 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.”
Mark Piasecki, managing director at ICG, said: “We were impressed by the growth journey of Lomond in recent years and are delighted to be its new partner alongside Ed, Stuart, LDC and the rest of the business.
“We see significant future value creation opportunity through further organic growth initiatives in its core regional markets, in addition to leading the consolidation drive in a highly fragmented market through what is a well-proven M&A platform.
“We look forward to working closely with Ed and the talented management team to fulfil Lomond’s significant potential.”
