Private equity firms have been busy in the property services sector with a slew of deals reported in the first half of 2023. Ranging from student accommodation advertising platforms to property search aggregation services providers and property refurbishment providers, here are six deals that caught our attention (in reverse chronological order):
1. LDC buys minority stake in UniHomes
UniHomes is headquartered in Sheffield in the UK. The platform connects students with thousands of student properties that provide all-inclusive living.
UniHomes will use LDC’s investment to accelerate its regional growth plans and develop the platform and service provision for both its student and letting agent customers, according to a release.
2. Mutares signs agreement to buy Recover Nordic
Mutares signed an agreement to acquire Recover Nordic, a provider of property remediation services, from Recover Group in early July.
Recover Nordic is headquartered in Vantaa, Finland and posted revenue of around €40 million in 2022.
3. Aurelius Group to buy TM Group from Dye & Durham
Aurelius, in early July, announced it will acquire TM Group, a UK-based provider of property search aggregation services, from Dye & Durham in a transaction valued at up to £91 million (€106.9 million; $117.41 million).
TM Group is based in Swindon. The company generated revenues of £62 million in 2022.
“TM Group’s services are essential to the UK conveyancing process, providing the business with a good level of demand within a market with high barriers to entry,” said Tristan Nagler, partner at Aurelius. “This corporate carve-out transaction from Dye & Durham is further evidence of our deliverability in a challenging M&A market.”
4. HIG Capital picks up CLC Group
HIG Capital acquired CLC Group, a UK-based provider of property and asset refurbishment, from the Armitage Family Trust at June-end.
CLC is based in Southampton. The company provides refurbishment, electrical, and fire protection services to clients in the social housing, local government, defence, hospitality and utilities end-markets.
The Armitage Family Trust and CLC management will reinvest in the company alongside HIG.
5. Accent Equity snaps up Linotol and C Holmqvist Entreprenad
Accent Equity, in early June, agreed to acquire the majority ownership in industrial flooring companies Linotol and C Holmqvist Entreprenad from their founders.
The founders will retain a significant ownership stake in the new group, according to a press release.
Linotol and C Holmqvist are headquartered in Norrköping and Tyringe in Sweden, respectively. The companies serve property owners, developers and construction companies with flooring products mainly for logistics and industrial purposes.
6. EQT Active Core Infrastructure & PSP Investments to buy Radius
EQT, in early March, announced that EQT Active Core Infrastructure fund and Public Sector Pension Investment Board (PSP Investments) will acquire Radius Global Infrastructure for a total enterprise value of around $3 billion.
Radius, based in Bala Cynwyd, Pennsylvania, is an international aggregator of rental streams underlying wireless and other communication related sites via the acquisition of real property interests and contractual rights. In 2022, the firm recorded $157.6 million in annualised in-place rents. It is active in over 20 countries across North and South America, Europe and Australia.
With this acquisition, both the firms will assist Radius in its expansion efforts, according to a release.
PE Hub Europe expects to see more deals in the waste management and recycling sector in the coming months.