A group of private equity firms have set their sights on Lomond Group, the chain of lettings agents owned by an arm of the UK’s largest high street lender. According to sources familiar with the matter, ICG and Searchlight Capital Partners are among the buyout funds currently examining formal offers for Lomond.
The sale process, overseen by LDC, the private equity division of Lloyds Banking Group, is now in its second round and is expected to result in a valuation of over £100m for Lomond. As of Friday, four bidders are still in discussions to acquire the company.
Lomond Group was formed in 2021 through the merger of Lomond Capital and Linley & Simpson, creating a business managing 22,000 properties. The company has a strong presence in major cities such as Aberdeen, Birmingham, and Leeds, operating under various brands including Thornley Groves, Braemore, and John Shepherd.
This potential auction comes amidst a wave of corporate activity in the estate agency sector. LDC has enlisted the help of Clearwater International to advise on the deal. When approached for comment, ICG declined to provide a statement, while Searchlight was unavailable for comment.
