LSL Property Services PLC completes placing
LSL Property Services plc (LSL), one of the UK’s leading property services companies, has today completed its placing to institutional investors and will be applying for admission to trading on the London Stock Exchange’s market for listed securities. The market capitalisation of LSL at the placing price will be approximately £211 million.
Barclays Private Equity, the pan-European mid-market private equity house, invested in the business in 2004, when it backed the management buy-out of e.surv and Your Move. In 2005, LSL acquired Reeds Rains, the largest independent estate agency in the North of England. Barclays Private Equity is retaining a significant shareholding in LSL.
Phil Griesbach, Director at Barclays Private Equity who led the deal, said, "LSL has an impressive track record and offers a complete range of services to lenders and customers including surveys and valuations, estate agency and financial services. The flotation will assist the business to continue its success."
Simon Embley, Chief Executive of LSL said, "The flotation of LSL will raise our corporate profile and will also provide flexibility to the Group in our strategy of development through organic growth together with selective acquisitions. Barclays Private Equity have been a highly supportive investor and I am delighted that they are retaining a shareholding in the business.” p>
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