- TM Group generated revenues of £62m in 2022
- Dye & Durham is a provider of cloud-based legal practice management software
- Aurelius is a pan-European alternative investment firm
Aurelius to 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.”
Dye & Durham will receive around £50 million in cash at closing, with up to £41 million in potential additional earn-out payments between 2023 and 2026, for total consideration of up to £91 million, subject to certain adjustments.
Dye & Durham plans to use the net proceeds it receives at closing to reduce its debt, according to a release.
The transaction is expected to be completed in August.
Dye & Durham is a provider of cloud-based legal practice management software. The company is based in Toronto, Canada.
Aurelius is a pan-European alternative investment firm based in Grunwald, Germany.
Aurelius was advised on the transaction by Rothschild (corporate finance), Travers Smith (legal), CIL (commercial) and KPMG (financial).