LSL Property Services PLC Acquisition by Pivotal Growth (3635B)

TIDMLSL

RNS Number : 3635B

LSL Property Services PLC

11 February 2022

For immediate release 11 February 2022

LSL Property Services plc ("LSL")

Acquisition by Pivotal Growth of Grange Mortgage and Protection Services

LSL announces that Pivotal Growth Limited ("Pivotal Growth") has completed the acquisition of Grange Mortgage and Protection Services Limited ("Grange").

Grange is a specialist new build mortgage and insurance brokerage based in Northampton and has been providing advice to clients purchasing new build properties across the UK for over 15 years.

Pivotal Growth was established in April 2021 as a joint venture with Pollen Street Capital, to "buy and build" a leading national mortgage broker powered by market leading technology, first class regulatory compliance and exemplary customer service.

The acquisition of Grange follows Pivotal Growth's announcement of its first acquisition in early December 2021, and the Pivotal Growth management team is in active discussion with a number of other brokers that it believes would benefit considerably by being part of Pivotal Growth and we expect to confirm further deals in the near future.

For further information, please contact:

 
 David Stewart, Group CEO 
  Adam Castleton, Group CFO 
 LSL Property Services plc 
  investorrelations@lslps.co.uk

Notes on LSL

LSL is one of the largest providers of services to mortgage intermediaries and mortgage and protection advice to estate agency customers, completing around GBP41bn of mortgages in 2021. It represents around 10% of the total purchase and remortgage market with around 2,900 financial advisers. PRIMIS was named Best Network by Money Marketing in their 2021 awards.

LSL is one of the UK's largest providers of surveying and valuation services, supplying seven out of the ten largest lenders in the UK, employing around 500 operational surveyors, and performing over 500,000 valuations and surveys per annum for key lender clients. It was named Mortgage Surveyor of the Year at the 2021 Mortgage Awards with Money Age.

LSL also operates a network of 225 owned and 128 franchised estate agency branches.

For further information please visit LSL's website: lslps.co.uk

Notes on Pollen Street Capital

Pollen Street is one Europe's leading specialist private equity investors in the financial and business services sectors, having invested over GBP2bn since 2003 in a range of financial services businesses across all stages of development. PSC works with entrepreneurial management teams to build businesses that deliver market-leading products and services to their customers in order to create long-term sustainable success. Pollen Street has considerable experience of the UK mortgage market and in executing buy-and-build strategies.

www.pollencap.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQKZGMZLGZGZZM

(END) Dow Jones Newswires

February 11, 2022 01:59 ET (06:59 GMT)

Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Oct 2024 to Nov 2024