Wiltshire prop tech firm sold for £91m
A property tech firm based in Swindon has been sold for £91m.
Aurelius, which is a Luxemburg-based private equity fund has bought the TM Group.
TM Group, which was founded in 1999, has been up for sale ever since its owner Dye & Durham was told by the UK Competition & Markets Authority to sell it off due competition concerns.
The Wiltshire business is the market leader in providing data and technology services to the property sector.
Joe Pepper, chief executive of TM Group, said: “We are thrilled that the sale to Aurelius has now been completed, and to have secured further investment from Aurelius, a partner that shares our vision for growth and innovation.
“This collaboration will allow us to further develop and enhance our product offerings, leverage our strong brand recognition, and continue to build on our prominent property market presence.”
Tristan Nagler, partner at Aurelius, adds: “Our investment will bring additional opportunities for TM Group to develop its innovative and market-leading product offerings at the heart of the UK property market, while also continuing to focus on outstanding client service.”
He added: “This is a great opportunity for Aurelius to invest in the UK property services space, in a strong platform for steady growth.
“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.
“We see a number of compelling opportunities to build on TM Group’s well established market position and look forward to bringing our operational expertise to partner with the incumbent management team.”
Aurelius is a pan-European alternative investment firm with global reach focused on private equity, private debt and real estate.
The sale will conclude the undertakings entered into following the decision of the UK Competition & Markets Authority (CMA) that the acquisition of TM Group by Dye & Durham, originally agreed in July 2021, would have reduced competition for the provision of property searches in England and Wales.
Despite the uncertainty TM Group has continued to successfully run and grow its business, focusing on developing forward-thinking solutions to enhance and accelerate property transactions.
TM Group will continue to develop and expand its portfolio of customer-facing solutions, serving all the key parties involved in property due diligence.
The firm will work with its new owners to further enhance its end-to-end solutions for every step of the property transaction, delivered through its proprietary software tools.
