Business managing 20,000 northern homes is snapped up by investor
A residential property management company responsible for 20,000 homes across 500 sites in northern England is being bought by a private equity investor.
Equistone Partners Europe has signed an agreement to acquire FirstPort from Epiris and Chamonix Private Equity.
FirstPort employs at least 3,000 people and manages a total of 196,000 residential properties across more than 3,900 developments throughout the UK.
The financial terms of the deal have not been disclosed and completion of the transaction remains subject to approval by the Financial Conduct Authority.
Firstport works with developers, investors, freeholders and over 200 Resident Management Companies to provide services to leaseholders.
Under the ownership of Epiris and Chamonix, the business brought in a management team led by CEO Nigel Howell, which re-organised and re-branded the company’s operations.
Sebastien Leusch, Investment Director at Equistone Partners Europe in Manchester, said: “In recent years, FirstPort and its talented management team have successfully delivered an impressive growth plan and demonstrated their unwavering commitment to providing high-quality customer service.
“Our investment in the business will support FirstPort on its comprehensive digital transformation programme and help to further enhance its customer service offering.
“We look forward to working with Nigel, his team and all FirstPort employees to extend the company’s growth trajectory, by deepening existing client relationships, tapping into other areas of the residential property management market and supporting targeted strategic acquisitions.”
Howell said: “This is an exciting milestone for FirstPort. Our current investors have been hugely supportive as we strengthened FirstPort’s service and return to growth.
“We are now delighted to be working with Equistone as new investors with a strong reputation for enabling companies to grow and develop.
“As we enter a new growth phase, underpinned by digital services, Equistone’s support will ensure we deliver exceptional service for our customers and clients, as well as enabling our employees and partners to establish the skills and expertise we need for the future.”
Tim Swales, Sebastien Leusch and Isabella Boman-Flavell led the investment on behalf of Equistone. Equistone was advised by Deloitte Advisory, Travers Smith and Deloitte Transaction Services.
