Marsh & Parsons Limited / LSL Property Services
Marsh and Parsons, one of London’s leading and best known estate agencies has been sold to LSL Properties Services plc. The sale process, which was handled by Cavendish Corporate Finance LLP, resulted in a consideration of approximately £53 million. Marsh & Parsons, will continue to operate as an independent brand within the LSL Group.
Marsh & Parsons, which can trace its roots back to 1856, was acquired in 2005 by Sherry Fitzgerald Group, Dublin’s largest estate agency, and the management team, led by Peter Rollings. Since then the firm has grown to 15 offices across Central, South and West London. In the year ended 31 December 2010 revenues were £23.3 million and EBITDA £6.7 million.
In April 2011 Cavendish was appointed by the shareholders to sell Marsh & Parsons. It attracted strong interest from a wide range of buyers including private equity groups, high net worth individuals and both UK and international trade buyers identified by Cavendish and fellow alliance members of M&A International.
Key to the selection of LSL as the preferred bidder was its’ ability to offer a synthetic private equity structure. This gave the management team the independence and economic upside of a private equity deal while benefitting from the secure funding and long term commitment of a strategic buyer. This will enable Marsh & Parsons to continue its roll –out of an expanded branch network across Greater London and beyond in the years ahead.
Peter Gray, a Partner at Cavendish, led the transaction supported by fellow Partner Andrew Jeffs.
Michael Baulk, Chairman of Marsh & Parsons commenting on the result achieved by Cavendish:
‘We had tremendous support from the Cavendish team throughout the sale process. I believe we have been very well advised and that their perspectives and experience at the inevitably tricky moments were enormously valuable.’
“I would also like to thank the team at finnCap Cavendish. They have done a great job in finding us the right buyer and running a smart and efficient process. Their support throughout has been excellent and combined with their commercial approach and sector knowledge, they have made great advisers for us.”
“Joe Stelzer and his team at finnCap Cavendish were the perfect partners as we navigated this exciting next step for the group. The firm’s wealth of expertise in advising entrepreneurial growth businesses, partnered with their quality of service and professionalism was invaluable and helped make this deal function as smoothly as possible.”
“This transaction is huge for our business as we look to continue our growth journey. We’re very excited to have raised enough capital from a leading impact investor to expand our market-leading position and maintain standards of excellence across all our products. We’re hugely grateful to the team at finnCap, who played a fundamental role, in what we hope, will be a very exciting growth story.”
“I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”
Thank you to the Cavendish team for your unwavering support throughout this process. Finding a strategic overseas partner to allow me to realise my global ambition was my number one aim, and this has been achieved. In the current market the result you have delivered is exceptional.
It was a great pleasure to work with the Cavendish team again having originally worked with them when we sold Naked Wines to Majestic Wine in 2015. John, Rebecca and the team rigorously assessed the market to find the right new owner for a business with dedicated staff and suppliers and the right deal to achieve Naked’s goal of realising capital and simplifying the business.
“Jonathan, thank you to you and your team for your tremendous support and wise counsel during the process. You kept a calm head throughout and successfully charted a course to bring us to this great conclusion. David, the team and I are all delighted with the outcome as we now join forces with Cafento to build the brand to even greater heights. I would highly recommend your services!”
“The team at Cavendish went far beyond what was expected, supporting us through the entire fundraising process. I am certain that the deal with Piper would never have completed in the time frame without their help.”
Jonathan, thank you for all your help, sound advice and hard work over the last year. You very skilfully guided us through a challenging process. As well as a fantastic exit for some very happy shareholders, there is no doubt in my mind that Orlebar Brown has ended up in the right place. Your patience was rewarded!
“Cavendish worked hard and achieved an excellent result for stakeholders. I would certainly recommend their services.”
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