Richborough Estates agrees deal for acquisition of majority stake
Land promoter Richborough Estates has agreed a deal for the majority stake of the business to drive its next phase of growth.
The Birmingham company has announced that Terra Firma’s Principal Capital Group, the London-based deal-sourcing arm of Terra Firma Capital Partners – supported by Partners Group, a global private markets firm, as well as the Hands Family Office, has agreed to take a majority stake.
The current management team led by founder and chief executive, Paul Campbell, will retain a significant minority stake and continue to operate the business.
Established in 2003, Richborough Estates works with landowners, including private individuals, companies, charities, trusts and estates departments at public sector bodies, to supply development land with planning consents that can easily be acquired and built out by national and regional housebuilders, helping to bring new homes to the market and meet local needs. To date, the business has made £35m infrastructure contributions across its sites and has sold land that has produced approximately 4,500 new homes.
The business has inhouse planning, design, development and technical expertise, and is a founding member of the Land Promoters and Property Development Federation, which works with government, local authorities and communities to enhance the planning process, and help deliver the new homes and communities.
The investment will allow Richborough Estates further opportunities to pursue growth with the aim of being the pre-eminent land promoter of choice. The partnership with Terra Firma’s Principal Capital Group and the other investors provides the skills and resources and to ensure the alignment of interests with landowners and agents.
Campbell said: “This investment from Terra Firma’s Principal Capital Group, the Hands Family Office and Partners Group is a vote of confidence in the business and I look forward to working with them to drive forwaCrd our strategy and ensure that we continue to fulfil our purpose of accelerating the delivery of new homes. I want to thank all our colleagues for their hard work in helping us to reach this point, and hope they are excited as I am for the next chapter in the business’ expansion.”
Joe Thompson, principal at Terra Firma Capital Partners, said: “Richborough Estates is a high-quality business with an impressive track record and a name that is respected across the sector. We see significant growth potential within the business and are delighted to partner with Paul and the team to help them realise this ambition.”
Richborough Estates was advised by Savills Capital Advisors (lead advisor), KPMG and Gateley; Terra Firma’s Principal Capital Group was advised by Addleshaw Goddard, Deloitte, Lichfields and Cushman & Wakefield.
